Analyst deems Bitcoin revisiting $50K price level highly improbable.

According to a cryptocurrency analyst, the frequency of Bitcoin (BTC) reaching higher support price levels and the lack of immediate froth in the derivatives markets suggest that its price is unlikely to drop to $50,000 in the near future. Dylan LeClair, a senior analyst at digital asset fund UTXO Management, explained in a recent analyst note that if Bitcoin rises to the $70,000-$75,000 price range, it will exert significant pressure on short positions. CoinGlass data shows that if Bitcoin reaches $70,000, approximately $174.17 million will be liquidated, while hitting $75,000 would result in around $830 million worth of short positions being liquidated. LeClair stated that a decline in Bitcoin’s price to $50,000 could trigger substantial liquidation of long positions, but he finds it unlikely given the recent price shifts and increasing support levels. He cited the recent development by BlackRock, a global asset manager, updating its Bitcoin exchange-traded fund prospectus by adding five big Wall Street firms as new authorized participants. Prominent crypto traders are speculating on Bitcoin’s price ahead of the halving event, which will occur on April 20 and will cut miner block rewards by 50%. Rekt Capital, a crypto trader, believes there is considerable potential for further upward movement in the short-term and stated that the market is approximately one-third through the “bull market” phase. This article does not provide investment advice or recommendations, and readers are advised to conduct their own research before making any decisions.