Can Bitcoin fall below the $60,000 mark? A warning from Galaxy experts
Hello everyone, even though I don't want to dampen your spirits, we need to face the truth. According to Alex Thorn from Galaxy, Bitcoin is entering a clear downward trend and is at risk of sliding below $60,000. That's the situation, with BTC losing 38% of its value since the peak last October and currently trading around $77,000, it shows that the strength of the bears cannot be underestimated.
The main culprit is the absence of supportive news and Bitcoin's failure to serve as an inflation hedge compared to gold. Historical data indicates that once BTC falls below the 50-day moving average, it often tends to seek the 200-week moving average – corresponding to the current area of $58,000. If the support zone of $70,000 is breached, you should prepare mentally for an additional drop of 25%. That's the situation, don't rush to "jump on the train" at this moment if you don't have a thorough defensive plan. $BTC
