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.
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According to www.coindesk.com
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