Analyst: Bitcoin at Key Technical Indicator Level, May Fall Further by 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 stated that if Bitcoin further declines from its current level of around $60,000, it could exacerbate negative sentiment among investors. Although Wall Street companies continue to invest in digital assets, retail investors, who were previously the main driving force behind cryptocurrency increases, have shifted their attention to high-growth AI and technology stocks. Recent significant outflows from Bitcoin ETFs indicate waning investor enthusiasm. Cryptocurrencies are also showing signs of decoupling from the stock market.

John Roque stated that Bitcoin is retesting its first downside target of $60,000. If it breaks below this level, it means a drop to $40,000. Matt Maley added that Congress may 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)