Glassnode co-founder Yann Allemann recently expressed his opinion on the social networking site X, stating that the price of Bitcoin, the most popular cryptocurrency, may plummet all the way back to $52,000, the level at which stability is often expected.
He is optimistic about the biggest cryptocurrency, nevertheless, since he thinks it may draw purchasers and support the present upward trajectory.
Despite the fact that the biggest cryptocurrency had a considerable decline over the weekend, Allemann still believes there are early indications of recovery.
The Exponential Moving Average (EMA) is viewed by the analyst as possible support. Currently, the $60,000 mark appears to be a “robust bottom” as the leading cryptocurrency maintains its trend of trading inside a range.
The top cryptocurrency is now trading at $60,860 on significant spot marketplaces. It appears that the cryptocurrency has finally accepted its key horizontal support, according to the 100eyes Crypto Scanner account.
An ETF market for ants
The most recent decline occurred following the relatively lacklustre introduction of Bitcoin and Ethereum exchange-traded funds (ETFs) in Hong Kong. This product line only brought in a meagre $12 million in trade volume.
Yet, since these ETFs were able to draw in $141 million in inflows, ETF expert Eric Balchunas claims that the launch was not a total bust. Considering that these figures must be modified for the size of Hong Kong’s very tiny ETF market, it was actually quite a success.
“That said, HK ETFs launched at good time as US slowing, so their $141m+ in inflows going to more than offset slightly negative US flows,” he stated.
