Bitcoin Dropped Below $60,000: So Is the Correction Over? Analyst Warned Investors!

After the tension between Iran and Israel that started over the weekend Bitcoin ve in altcoins There was a sharp decline. The downward trend that started over the weekend continued and BTC It dropped below $60,000 today. This decline also spread to altcoins.

While the bloodbath in Bitcoin and altcoins continues Coinglass According to data, 65,158 investors became liquid in the last 24 hours, while 201 million dollars in leveraged positions were liquidated.

While this downward trend continues to unsettle investors, LMAX Group strategist Joel Kruger said large Bitcoin investors have not yet started buying the dip, meaning the correction could continue for a while.

Speaking to Coindesk, Joel Kruger stated that the critical level to watch in BTC is $ 59,000.

“The latest blockchain data shows that large Bitcoin holders are not buying the latest dip. This suggests that we may still see some more weakness or consolidation in Bitcoin before it is ready to rise again.

At this point, investors need to watch $59,000 in Bitcoin. If BTC can hold above this level, it remains in direct focus towards the next record high and $100,000.

“If there is a break below $59,000 and we see further downside pressure, this break will delay the short-term bullish outlook and open the door for a more meaningful correction to the $45,0000-$50,000 area.”

Bitcoin At the time of writing, it continues to be traded at $ 59,768.

*This is not investment advice.