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Bitcoin's Recent Drop Below $60K Is Not Worrisome, Analyst Says

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Wed, 11/17/2021 - 16:12
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Alex Dovbnya
However, things could get ugly for Bitcoin if it were to drop below $50,000 level
Bitcoin's Recent Drop Below $60K Is Not Worrisome, Analyst Says
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There is no need to fret about Bitcoin's recent drop below $60,000, according to Matt Maley, chief market strategist at Miller Tabak.   

The market analyst recently told Yahoo Finance that the largest cryptocurrency could still fall "a lot" without enduring any real damage from a technical standpoint.

He estimates that Bitcoin would have to plunge below $50,000 to cause some serious damage. In such a case, the crypto king would break its trendline that goes back to the July lows:

It can still come down quite a bit without having really major technical damage.

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Last Wednesday, Bitcoin hit a new record high of $69,000, soaring into overbought territory.

Even some long-time bulls of the likes of Morgan Creek's Mark Yusko have been on pullback watch.

While Maley worries that a notable decrease in the supply of liquidity could lead to "some problems" for Bitcoin and Ether, he is still bullish in the long term.

He adds that there are plenty of equities that are "much more vulnerable" than Bitcoin.

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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.