A closely followed crypto strategist is issuing a warning about Bitcoin (BTC) after the flagship digital asset dipped below the $60,000 range on Thursday.
Pseudonymous analyst Credible Crypto tells his 424,500 followers on the social media platform X that Bitcoin needs to hold $58,000 as support to avoid plummeting much further.
“All the people screaming at me for urging caution at the highs (again) you better pray $58,000-$59,000 holds or else it’s nuke city for Bitcoin baby.”
The analyst is also turning short-term bearish on Bitcoin. He suggests the top digital asset by market cap may hold the high $50,000s range as support, bounce back into the $60,000 range and then correct much lower.
“Right so this is the big question. Based on everything I am seeing I think a bounce from $58,000-$59,000 for one more push up (still under $70,000) would make a ton of sense – and this would give us the perfect chance to position across the board too. That being said, it doesn’t ‘have to’ happen of course, but it’s the ideal scenario before the larger drop I’m expecting.”
However, the founders of analytics firm Glassnode are expressing bullish sentiment for Bitcoin.
Jan Happel and Yann Allemann, who go by the handle Negentropic, tell their 63,400 followers on the social media platform X that Bitcoin whale accumulation indicates the flagship crypto asset is not in a bearish market.
“Whales keep accumulating Bitcoin. US inflation data came in higher than expected [Thursday], but whales are still hungry for Bitcoin. Both long-term holders and whales keep accumulating as exchange volumes drop. Even short-term holders are seeing some recovery. The takeaway: confidence in Bitcoin’s mid- and long-term performance is solid.”
Bitcoin is trading for $60,271 at time of writing, down slightly in the last 24 hours.
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