Bitcoin Analyst PlanB Warns of Potential Drop to $60,000 Amid Weakening Market Sentiment
By
Rizwan Ansari
2d ago· 4 min readenInsight
80/100
Golden Brown
Bagelometer↗
Toasted golden, schmeared with insight. Top of the rack.
Score80TypeanalysisSentimentnegative
Summary
Bitcoin closed May down 3.41% at $73,568. Analyst PlanB warns the decline may continue, citing weakening derivatives activity and fragile market sentiment. He suggests Bitcoin could drop back toward its February low of around $60,000, and the market remains divided on whether that level marked the cycle bottom or if further declines are ahead.
Key quotes
· 2 pulledHe said that weakening derivatives activity and fragile market sentiment could push Bitcoin back toward its February low of around $60,000.
According to PlanB, the market remains split on whether the February correction near $60,000 marked the bottom of this cycle or if a deeper decline still lies ahead.
Bitcoin, the pioneer cryptocurrency in the world, closed its May month in the red with BTC price dropping by -3.41%. While Bitcoin ended May at $73,568,
You might also wanna read
Bitcoin tumbles below $70K, heavy losses in cryptocurrencies in last three weeks
bloomberg.com·3mo ago
Bitcoin Faces Longest Monthly Losing Streak Since 2018 Amid Risk-Off Sentiment
Bitcoin is on track for its fourth consecutive month of losses, marking its longest monthly losing streak since 2018. The cryptocurrency has
bloomberg.com·4mo ago