Expert predicts Bitcoin price decline
In a recent interview with Cointelegraph, well-known professional trader Alessio Rastani warned that the Bitcoin price could drop below $60,000 before a significant support level is formed. According to the expert, this price point will be a key level for determining the further direction of the first cryptocurrency.
Rastani noted that Bitcoin has been facing strong bearish sentiment lately amid the broader cryptocurrency market decline. Investors remain concerned about factors such as tightening government regulations, supply chain issues, and rising interest rates. This is putting pressure on the Bitcoin price, which has lost around 40% of its value since November last year.
From a technical analysis perspective, Rastani points out that Bitcoin is in a bearish trend, and the $60,000 level will be crucial for determining the further movement. If the price falls below this level, he expects it to lead to a more significant correction and a decline in the cryptocurrency's value.
At the same time, the expert emphasizes that Bitcoin's long-term prospects remain positive. In his opinion, after weathering the current correction, the cryptocurrency will be able to resume its growth and set new all-time highs. However, in the near term, investors should exercise caution and be prepared for further volatility.