The post Will Bitcoin Price Drop Below $60000? appeared first on Coinpedia Fintech News
Bitcoin investors hoping for a quick recovery may need to be patient. That is the message from Katie Stockton, founder and managing partner of Fairlead Strategies, who appeared on CNBC’s Squawk Box this week.
Bitcoin Is Boring Right Now and That Is the Point
Stockton’s Bitcoin read was measured but clear. She sees the current price action as a prolonged basing phase with support sitting in the $58,000 to $59,000 range, and she expects multiple retests of that level before any sustained move higher becomes possible.
“It’s a cyclical downtrend and that’s the dominant feature on the chart right now,” she said. “I think we can assume there are going to be retests of support, maybe more than one.”
For crypto investors watching for a bottom signal, Stockton said the charts are not there yet. There are no oversold upturns, no breadth extremes and no sentiment readings that woul
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