⚠️NOT A FINANCIAL ADVICE
In a recent post on the X social media platform, Glassnode co-founder Yann Allemann has opined that the price of Bitcoin, the leading cryptocurrency, could end up crashing all the way back to the $52,000 where it would be expected to find some stability.
However, he is bullish on the largest cryptocurrency since he believes that it will be able to attract buyers and reinforce the current uptrend.
Even though the largest cryptocurrency experienced a significant correction over the weekend, Allemann still sees potential signs of recovery that are currently emerging.
The analyst sees the Exponential Moving Average (EMA) as potential support. For now, the $60,000 level seems to be like "robust bottom" as the flagship cryptocurrency continues its streak of range-bound trading.
At press time, the leading cryptocurrency is trading at $60,860 on major spot exchanges. According to the 100eyes Crypto Scanner account, the cryptocurrency has now approved its critical horizontal support.