Bitcoin is struggling to find price stability as it finds itself in the grip of Mt.Gox and the German government.
At this point, while the BTC price exhibited sharp volatile movements today, Katie Stockton, founder of cryptocurrency analysis company Fairlead Strategies, said that the next critical level for Bitcoin is $ 51,500.
Speaking to CNBC, Stockton stated that the next Bitcoin support level is $51,500. At this point, the analyst claimed that there was a possibility that BTC could fall to $51,500 or even below.
Katie Stockton stated that the $40,000 level is also possible for Bitcoin and said:
“Although NASDAQ continues to perform well, Bitcoin has broken some critical support levels such as $60,000. This shows us that there is further correction ahead and the next support level is $51,500.
However, if BTC breaks this support and falls to the $ 40,000 range, this decline may technically reveal a structural problem and Bitcoin's long-term uptrend may be in danger.”
Finally, Stockton said that although Bitcoin's short-term price movements paint a negative picture, it is important for investors to allocate a portion of their portfolios to Bitcoin, regardless of short-term price movements.
“I think almost every investor should have at least a small amount of Bitcoin in their portfolio, regardless of short-term price movement.
“We still believe in long-term upside potential.”
*This is not investment advice.
What is small amount of BTC?