Despite falling below $56,000, Bitcoin's long-term prospects remain optimistic.
The head of research at Stack Funds told CoinDesk reporters:
We're down 18% from the all-time high, but that's happened a few times already this year. Bitcoin is still trading within the boundaries of an ascending channel.
In addition:
Currently there is no strong catalyst in the market that would push the price of Bitcoin up, and whales are not accumulating as actively as in the past races.
He believes that the decline in price is a typical correction in a bull market, which may continue. According to him, the nearest support level is around the levels of $51,000 - $53,000.
Subscribe to ForkNews in Telegram to stay up to date with news from the world of cryptocurrencies
According to www.coindesk.com
You May Also Like
Fidelity bets on bulls
A day after financial giant Fidelity entered the cryptocurrency market, fund manager Mark Yusko predicted that the industry will be the next fast-growing market.
House in Manhattan for Bitcoin
Just 2,500 Bitcoins will secure a prestigious address at 40 Riverside Drive in Manhattan. A house with a history from the late 19th century has undergone a five-year renovation and is being put on the real estate market for cryptocurrency.
