Bitcoin Traders’ Outlook Is So Bleak That Some Analysts See a Buying Opportunity

Alex Thorn, crypto firm Galaxy Digital Group’s head of research, argued that even if a further crash was in the cards, traders who bought BTC in similarly grim occasions in bitcoin’s history could return a profit within as soon as a month. If the largest cryptocurrency by market value were to suddenly sell off, he pegs $17,000 as a key level that would provide strong price support. As of press time, bitcoin was changing hands around $20,000, well off the all-time high around $69,000 reached in November.