Bitcoin Price Action Might Turn “Scary” After Recent Slump, Analyst Warns

Bitcoin Price Action Might Turn “Scary” After Recent Slump, Analyst Warns

Bitcoin could be poised for a painful correction if it doesn’t reclaim the $40,000 level, according to Matt Maley of Miller Tabak + Co.The analyst told Bloomberg that things could turn ugly in no time if buyers do not show up to save the day:

If, however, it sees much more downside follow-through, things are going to get scary pretty quickly.

Bitcoin started testing the top of its long-lasting range last week, peaking at $42,607.Prior to that, the top cryptocurrency managed to score 10 days in the green, its longest bullish streak in eight years.However, the recovery came to a halt after bulls failed to break out of the range. The top cryptocurrency has now retreated to $37,754, dropping more than 10 percent from the local peak.

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