Bitcoin started off positively on Monday, surpassing the $63,000 mark. However, contrary to expectations, the market experienced a sudden crash.
BTC Price Analysis
Bitcoin’s price dropped below $60,000 once again. Following this decline, an analyst expressed concerns about a potential further drop in the cryptocurrency. For the latest financial and business news, visit COINTURK FINANCE.
BTC Price Movement
Analyst DonAlt made significant statements on X. He highlighted that if a critical support level is not regained, Bitcoin’s downtrend could continue.
Despite briefly falling to $59,700, Bitcoin managed to recover slightly and rose back to $59,900. As a result of these price fluctuations, the market volume reached $1.18 trillion, with a trading volume increase of 41% to $29 billion.
Analysts’ Views on Bitcoin
Flow Horse, a prominent analyst on X, also shared noteworthy insights on BTC. He emphasized that a price movement towards $40,000 is not out of the realm of possibility and should be considered within the evaluation framework.
Furthermore, Benjamin Cowen, a well-known market analyst, released a video discussing the historical correlation between Bitcoin and the 10-year yield (US10Y) ratio. He suggested that Bitcoin could experience further downward movement based on this correlation.
Stay updated with our news on Telegram, Facebook, Twitter, and Coinmarketcap.
Disclaimer: This article does not provide investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research.
