Bitcoin Traders’ Outlook Is So Bleak That Some Analysts See Buying Opportunity

Bitcoin Traders’ Outlook Is So Bleak That Some Analysts See Buying Opportunity

Alex Thorn, crypto firm Galaxy Digital Group’s head of research, argued that even if a further crash was in the cards, traders who bought BTC in similarly grim occasions in bitcoin’s history could return a profit within as soon as a month. If the largest cryptocurrency were to suddenly sell off, he pegs $17,000 as a key level that would provide strong price support. As of press time bitcoin was changing hands around $20,000, well off the all-time high around $69,000 reached last November.

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