No need to fret about Bitcoin price drop below $60,000, but be careful if it drop below $50,000
Matt Maley, the chief market strategist at Miller Tabak, said that people need not worry about Bitcoin’s recent drop below $60,000. At the time of writing, Bitcoin price is changing hands at $60,465.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price recent drop below $60,000 is not worrisome
Speaking to Yahoo Finance, the market analyst thinks that the largest cryptocurrency can still fall a lot without suffering any real damage from a technical point of view.
Miller Tabak’s Matt Maley on why he’s bullish on $BTC longterm: pic.twitter.com/PTY2GzNzrX
— Yahoo Finance (@YahooFinance) November 17, 2021
He estimated that Bitcoin would have to drop below $50,000 to do some severe damage. In such a case, the crypto king would break its trendline back to July lows.
“It can still come down quite a bit without having major technical damage,” he stated.
A week ago, Bitcoin hit a new record high of $69,000, skyrocketing into overbought territory. Even some perennial bulls like Mark Yusko of Morgan Creek have watched the pullback.
While he is worried that a significant drop in the liquidity supply could lead to some problems for Bitcoin and Ethereum, he remains optimistic in the long run. He added that many securities are much more vulnerable than Bitcoin.
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