Bitcoin started the week on a positive note, surpassing $63,000 before hopes for continued growth were dashed as the market witnessed another downturn.
BTC Price Comments
Bitcoin’s price dropped below $60,000 once more, prompting a cryptocurrency analyst to predict a potential further decline. Stay updated on the latest financial and business news by visiting COINTURK FINANCE.
Analysts’ Bitcoin Comments
DonAlt, an analyst, raised concerns about Bitcoin’s downward trend, highlighting the significance of reclaiming a critical support level to avoid further losses. Following recent price fluctuations, Bitcoin briefly fell to $59,700 before bouncing back to $59,900. Market volume surged to $1.18 trillion, with trading volume totaling $29 billion after a 41% spike.
Renowned analyst The Flow Horse echoed the possibility of Bitcoin dropping to $40,000, cautioning that such a scenario should be considered in evaluations. Moreover, market expert Benjamin Cowen suggested a potential downward movement for Bitcoin based on historical correlations with the US10Y ratio.
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Disclaimer: This article does not offer investment advice. Investors should exercise caution due to the high volatility and risks associated with cryptocurrencies and conduct thorough research before making any investment decisions.