Analyst: Bitcoin is at a key technical level and may fall another 30%
Odaily reports that Miller Tabak strategist Matt Maley and 22V Research technical strategist John Roque believe Bitcoin is at a critical technical indicator point.
Matt Maley stated that if Bitcoin falls further from its current level around $60,000, it could worsen investor sentiment. Although Wall Street firms continue to invest in digital assets, the main driving force behind previous crypto rises—retail investors—have shifted their attention to high-growth AI and tech stocks. Recently, Bitcoin ETF has experienced significant capital outflows, indicating waning investor enthusiasm. There are also signs that cryptocurrencies have decoupled from the stock market.
John Roque said that Bitcoin is retesting its initial downside target of $60,000, and if it breaks below this level, it would mean a drop to $40,000. Matt Maley added that Congress may pass a crypto framework bill with clearer regulations, which would reduce uncertainty and encourage institutional participation in the long run. In addition, Bitcoin ETF recently suffered the largest monthly capital outflow since 2024. (CNBC)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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