Matt Maley of Miller Tabak + Co has recently warned the crypto community that Bitcoin is on shaky grounds and can go down further if fails to reclaim the $40K level. Following the recent correction, the analyst fears that Bitcoin might slump further if buyers do not show up soon.
In a recent discussion with a leading market data update revealer, Matt Maley said that if in any case Bitcoin fails to reclaim the $40K level soon, then there are chances that the price of BTC might go further below. He said:
As witnessed in the last week, Bitcoin began testing the peak point of its recent bull run and managed to reach the tipping point at $42,607.
In addition to this, it should be noted that the flagship cryptocurrency managed to en 10 days on positive notes in terms of price action before falling slightly. At present, the recent low made by Bitcoin is $37,754 on some exchanges, marking a total fall of around 10% from the peak.
Back in the month of May, Bitcoin lost its value significantly and marked a low of $30K. Though it did show some recovery in the month of June when it retreated to the level of $40K in the bull run.
The rise in the price of BTC recently was due to the positive comments from Tesla CEO, Elon musk, regarding the reacceptance of Bitcoin as a payment method by the electric vehicle manufacturing firm.
As the Chair of the Securities and Exchange Commission, Gary Gensler, recently said that he wanted to tighten the regulations surrounding the operation of Bitcoin.
Hence, it just contributed to the existing pressure on the top currency.