Summary
- Alex Sohn, head of research at Galaxy Digital, warned that Bitcoin (BTC) could create significant unease across the market if it falls below $100,000.
- Sohn assessed that damage to investor sentiment toward the structural bull market is a greater risk factor than a short-term correction.
- He explained that Bitcoin is showing a stair-step upward trend, which indicates the inflow of passive buying.
Alex Sohn, head of research at Galaxy Digital, warned that if Bitcoin (BTC) falls below $100,000 it could create 'significant unease' across the market. He assessed that damage to investor sentiment toward the structural bull market is a greater risk factor than a short-term correction.
On the 24th (local time), according to crypto media Cointelegraph, Sohn said, "If Bitcoin falls below $100,000, concerns that the structural bull market could be shaken will widen," adding, "this could temporarily dampen market confidence."
He went on to explain, "The worst-ever forced liquidation incident on October 10 was not due to Bitcoin's fundamentals," adding, "it was simply because Bitcoin was being traded like a macro asset."
Sohn also added, "Bitcoin is currently showing a stair-step upward trend, which indicates that passive buying is gradually flowing in."
Bitcoin was trading at $110,540.25, up 0.12% from the previous day on the Binance Tether (USDT) market at 03:36 on the 25th.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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