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As Bitcoin Sinks to $28K, Top Trader Outlines Best-Case Scenario for Bulls

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Tue, 06/22/2021 - 15:26
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Alex Dovbnya
NorthmanTrader's Sven Henrich still sees a potential double bottom in the making
As Bitcoin Sinks to $28K, Top Trader Outlines Best-Case Scenario for Bulls
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While Bitcoin’s technical picture might look beyond grim, the bulls can still pin their hopes on a “double bottom” scenario.

According to NorthmanTrader's Sven Henrich, Bitcoin could form such a pattern if it manages to hold above the current support area.

Earlier today, Bitcoin plunged to a five-month low of $28,500, sinking into negative territory for the year.

BTC
Image by @NorthmanTrader

Henrich also points to the fact that the top cryptocurrency has tapped the 50-week moving average, which has been a key level in the past.

Related
Bitcoin Supporters Capitulating. Is S2F Model Finally Broken?

Novogratz is not nervous

Despite multiple analysts claiming that Bitcoin is already in a new bear market, Galaxy Digital CEO Mike Novogratz remains unfazed by the ongoing crash.

The crypto mogul told CNBC that the $25,000 level could be Bitcoin’s next support:

If it’s really breached, $25,000 is the next big level of support. Listen, I’m less happy than I was at $60,000, but I’m not nervous.  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.