A well-known crypto analyst is sounding the alarm about Bitcoin, warning that it could plummet if it fails to hold a key support level.
Bitcoin Needs to Hold $58,000
The analyst, known as Credible Crypto, says Bitcoin needs to stay above $58,000 to avoid a major drop. He’s urging caution, saying a fall below this level could lead to a “nuke city” scenario for Bitcoin.
Short-Term Bearish Outlook
Credible Crypto is also bearish on Bitcoin in the short term. He expects a potential bounce back into the $60,000 range, but then a much larger correction.
Whales Still Accumulating
However, not everyone is bearish on Bitcoin. Analytics firm Glassnode founders, Negentropic, are seeing a different story. They point to continued Bitcoin accumulation by whales as a sign of strong confidence in the long-term future of the cryptocurrency.
Bitcoin Trading at $60,271
Bitcoin is currently trading at $60,271, down slightly in the last 24 hours.
Disclaimer: This information is for educational purposes only and should not be considered investment advice. Always do your own research before making any investment decisions.
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