According to U.Today, Yann Allemann, co-founder of Glassnode, recently suggested on the X social media platform that Bitcoin's price might crash to $52,000, where it is expected to find stability. Despite this, Allemann remains optimistic about the future of the leading cryptocurrency, believing it will continue to attract buyers and reinforce the current uptrend. Even after a significant correction over the weekend, Allemann sees potential signs of recovery. He views the Exponential Moving Average (EMA) as a potential support, and the $60,000 level as a 'robust bottom' for the cryptocurrency, which continues its range-bound trading.
At the time of the report, Bitcoin was trading at $60,860 on major spot exchanges. The 100eyes Crypto Scanner account confirmed that the cryptocurrency has now approved its critical horizontal support. The recent drop in Bitcoin's price followed the launch of Bitcoin and Ethereum exchange-traded funds (ETFs) in Hong Kong, which turned out to be a somewhat underwhelming event, attracting only $12 million worth of trading volume. However, ETF analyst Eric Balchunas stated that the launch was not a complete failure, as it attracted $141 million worth of inflows. He pointed out that these numbers need to be adjusted for the size of Hong Kong's relatively small ETF market. Balchunas added that the inflows into the Hong Kong ETFs are likely to more than offset slightly negative US flows.