Matt Howells-Barby, Vice President of the cryptocurrency exchange Kraken, said that if Bitcoin fails to hold the critical $60,000 support level, the price could fall to the lower $50,000 range.
Howells-Barby stated that Bitcoin is undergoing a sharp correction similar to that of stocks, and that one of the main reasons for this movement is the uncertainty surrounding tariffs. Pointing to a similar macroeconomic pressure environment seen last April, the executive emphasized that geopolitical tensions could also pose a downside risk in the short term.
Howells-Barby specifically noted that the $60,000 level is a technically important threshold, adding that a break below this support could push the price down to the lower-to-mid range of $50,000.
Historical data was also highlighted. According to this data, Bitcoin generally doesn’t form a clear bottom until the 50-week moving average falls below the 100-week moving average, forming a technical signal known as a “death cross.” The fact that such a cross hasn’t occurred yet suggests the possibility of a further decline that could extend below $50,000.
Analysts say that volatility may remain high in the current outlook and investors should focus on risk management.
*This is not investment advice.
Continue Reading: Kraken Bitcoin Exchange Vice President Points Out These Levels If Bitcoin Continues to Fall! Here Are the Details
