Bitcoin (BTC) Risks Dropping to $72,500, But That Could Be a Blessing in Disguise: Analyst
BTC when published $80,240Now $80,595 ▲ +0.44% since it was published
The primary cryptocurrency flexed its muscles last week and seemed poised to reclaim $85,000. However, the bears stepped in again, and the price eventually fell below $80,000. Popular analyst Ali Martinez suggested the pullback could intensify in the short term, but that could actually work in investors’ favor. Here’s why. The Next Buying Opportunity? According to Martinez, Bitcoin appears to have broken below a rising parallel channel on the 4-hour chart. He believes that as long as $82,000 holds as a resistance, the correction could deepen toward a two-month low of $72,500. Nonetheless, the analyst doesn’t seem concerned about the potential decline and views it as a buying opportunity. Another factor that may point to further downside is the US midterm elections scheduled for November 3.
First reported by CryptoPotato. This page is a short excerpt; the full text is theirs.
