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
El Salvador protests against Bitcoin legalization
President Nayib Bukele's decision to make Bitcoin legal tender does not please a large part of the population.
Head of Monobank: Bitcoin will reach $100,000
The co-founder of monobank invests in Bitcoin and expects a new historical record by the end of the year.
