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
Crypto market again above $2 trillion
The cryptocurrency market capitalization has returned to the $2 trillion mark. Bitcoin, meanwhile, overtook Meta in capitalization and took and returned to the top ten most expensive assets.
Taproot activation will take place this weekend
There are only a few days left until the biggest Bitcoin network update of the year.
