
Bitcoin could be poised for a painful correction if it doesn’t reclaim the $40,000 level, according to Matt Maley of Miller Tabak + Co.
The analyst told Bloomberg that things could turn ugly in no time if buyers do not show up to save the day:
Advertisement
If, however, it sees much more downside follow-through, things are going to get scary pretty quickly.
Bitcoin started testing the top of its long-lasting range last week, peaking at $42,607.
Prior to that, the top cryptocurrency managed to score 10 days in the green, its longest bullish streak in eight years.
However, the recovery came to a halt after bulls failed to break out of the range. The top cryptocurrency has now retreated to $37,754, dropping more than 10 percent from the local peak.
Ethereum Mainnet Turns 10: All Major Milestones, 2015-2025
Ethereum (ETH): $4,000 Incoming, XRP Ready to Lose $3, Dogecoin (DOGE) in Risky Position
Coinbase's XRP Holdings Shrink 40%, Shiba Inu (SHIB) Rockets 8,866% in Whale Activity, SEC Approves In-Kind Redemptions for Bitcoin and Ethereum ETFs: Crypto News Digest
Bloomberg: Ether Starting to Look Like 90s Tech Stock

Such price action clearly shows how quickly things can go south when bears gain the upper hand.
The largest coin remains under pressure after U.S. Securities and Exchange Commission Chair Gary Gensler said that he wanted to tighten cryptocurrency regulation.
Advertisement