Analysts: Bitcoin at Key Technical Indicator Level, Could Fall Another 30%
Odaily Planet Daily News Miller Tabak strategist Matt Maley and 22V Research technical strategist John Roque believe Bitcoin is at a key technical indicator level.
Matt Maley said that if Bitcoin falls further from its current level of around $60,000, it could exacerbate negative investor sentiment. Although Wall Street firms continue to invest in digital assets, retail investors, who were the main driving force behind previous cryptocurrency rallies, have shifted their attention to high-growth AI and tech stocks. Recent significant outflows from Bitcoin ETFs indicate waning investor enthusiasm. There are also signs that cryptocurrencies are becoming decoupled from the stock market.
John Roque said that Bitcoin is retesting its first downside target of $60,000. If it breaks below this level, it could mean a drop to $40,000. Matt Maley added that Congress might pass a crypto structure bill with clearer rules, which in the long term would reduce uncertainty and encourage institutional participation. Additionally, Bitcoin ETFs recently experienced their largest single-month outflow since 2024. (CNBC)
