Bitcoin Might Plunge to $52K Level, Top Expert Warns

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Even though the largest cryptocurrency experienced a significant correction over the weekend, Allemann still sees potential signs of recovery that are currently emerging. The analyst sees the Exponential Moving Average as potential support. For now, the $60,000 level seems to be like"robust bottom" as the flagship cryptocurrency continues its streak of range-bound trading. At press time, the leading cryptocurrency is trading at $60,860 on major spot exchanges. According to the 100eyes Crypto Scanner account, the cryptocurrency has now approved its critical horizontal support.

Yet, according to ETF analyst Eric Balchunas, the launch of these ETFs was not a complete disaster since they managed to attract $141 million worth of inflows. In fact, it was quite a success since these numbers have to be adjusted for the size of Hong Kong's relatively small ETF market. "That said, HK ETFs launched at good time as US slowing, so their $141m+ in inflows going to more than offset slightly negative US flows," he added. Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.

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