A closely followed crypto strategist is warning about Bitcoin (BTC) after the flagship digital asset fell below the $60,000 range on Thursday.
An analyst under the pseudonym Credible Crypto tells his 424,500 followers on social media platform X that Bitcoin needs to hold $58,000 as support to avoid falling further.
“All the people are yelling at me for calling for caution at the highs (again), you better pray you hold $58,000-$59,000 or it’s nuclear city for the Bitcoin baby.”
The analyst is also short-term bearish on Bitcoin. He suggests that the top digital asset by market cap could hold the high $50,000 range as support, bounce back into the $60,000 range, and then correct much lower.
“That’s right, that’s a big question. Based on everything I’m seeing, I think a bounce from $58,000 to $59,000 for another advance (still below $70,000) would make a ton of sense – and it would also give us a great chance to take the position across the board . That being said, it certainly doesn’t have to happen, but it’s an ideal scenario before I expect a bigger drop.”
However, the founders of analytics company Glassnode are optimistic about Bitcoin.
Jan Happel and Jan Allemann, known as Negentropic, tell their 63,400 followers on social media platform X that the accumulation of Bitcoin whales indicates that the flagship crypto asset is not in a bear market.
“Whales continue to accumulate bitcoins. US inflation data turned out to be higher than expected [Thursday]but whales are still hungry for bitcoin. Both long-term holders and whales continue to accumulate assets as exchange volumes fall. Even short-term bondholders are seeing some recovery. Conclusion: Confidence in Bitcoin’s medium- and long-term performance is high.”
At the time of writing, Bitcoin is trading at $60,271, down slightly over the last 24 hours.
Generated image: Midjourney
