Recently crypto market took a jolt in terms of price-performance for various cryptocurrencies, and there was some massive depreciation of a few tokens too. Bitcoin continued to get stomped hour after hour, and finally, the crypto was trading below $60K, but according to the crypto analyst Matt Maley who is the chief market strategist at Miller Tabak, this is not worrisome at all. He is of the assumption that if the whole thing came below $50K only, then it would be a little concerning for investors and crypto traders, but at this moment, it is all good.
At the time of writing, Bitcoin has managed to come to about $60K, and it is staying there for the time being. He recently conducted an interview with Yahoo finance, telling the news giant that Bitcoin might continue to fall pretty strongly in the upcoming days and not sustain any real damage to its value and performance within the market. It is almost as if Matt is saying that these are only the corrections that are catching up to Bitcoin, and that is why traders and investors shouldn’t concern themselves with it.
But on a serious note, that might not be the case. There are other reports that cryptocurrencies such as Cardano and Ether are securing more business from institutional investors as they have shifted their focus into the altcoin market, leaving Bitcoin alone. It might be a temporary change, or it could just be a permanent manifesto of how things could be from now on from the institutional investor’s side. According to Matt, people should only start concerning themselves with this whole thing when the price of Bitcoin falls below $50K; only then would it be a worrisome situation, but anything above that is totally fine.
This is, of course, just an assumption and point of view that doesn’t hold any value in the real market. It is just a prediction; it might pay off it might not, and that is why investors and traders should be really careful with Bitcoin or any other crypto for that matter.