Bitcoin ‘pretty unlikely’ to revisit $50K price level, says analyst

Bitcoin hasn't dipped below $50,000 since late February and it appears unlikely to return to that level anytime soon, according to crypto analyst Dylan LeClair.

The frequency of Bitcoin (BTC) reaching higher support price levels as well as the "lack of immediate froth" in the derivatives markets suggests that its price is unlikely to retrace down to $50,000 anytime soon, according to a crypto analyst.

Senior analyst at digital asset fund UTXO Management, Dylan LeClair, explained in an analyst note on April 7 that if Bitcoin rises back into the $70,000-$75,000 price range, it will put significant pressure on short positions.

"As we've consolidated, an increasing amount of short liquidations are building from 70-75k," he stated.

Read more


Read full story at Cointelegraph >