Bitcoin Could Drop Below $60K, Says Galaxy Analyst—Here's Why

💡 DMK Insight

Bitcoin’s 38% drop from its all-time high raises serious concerns for traders right now. With whispers of a potential slide below $60,000, it’s crucial to assess market sentiment and technical indicators. If Bitcoin breaches this psychological level, it could trigger further selling pressure, leading to a cascade effect across the crypto market. Traders should keep an eye on support levels around $58,000 and $55,000, as these could serve as critical points for both bulls and bears. Additionally, the broader market context, including regulatory news and macroeconomic factors, could influence Bitcoin’s trajectory. If institutional players start to pull back, we might see a more significant downturn. But here’s the flip side: if Bitcoin manages to hold above $60,000, it could set the stage for a rebound. Watch for volume spikes or bullish divergence on the daily charts as indicators of a potential reversal. The next few days will be telling, so stay alert for any shifts in momentum.