If Bitcoin fails to hit $62,000 and hold there, it could drop below $50,000, according to analysts from Kraken, but some aren’t as pessimistic.
Bitcoin is at a critical tipping point: It needs to hit $62,000 and stay there to avoid a retest of $49,000, according to an analyst note from one crypto exchange.
However, several crypto traders believe Bitcoin (BTC) is unlikely to drop below $50,000 anytime soon.
“The price action suggests a corrective pattern rather than a strong bullish reversal,” Kraken stated in an Aug. 21 technical market update viewed by Cointelegraph.
