Bitcoin may fall to $56K as reasons for gains ‘remain hard to find’: Galaxy - Source: CoinTelegraph

Bitcoin could continue its downtrend as there are few catalysts to reverse the cryptocurrency’s fortunes, says Galaxy Digital research lead Alex Thorn.

Thorn said in a note on Monday that there is a “significant chance” that over the coming weeks, Bitcoin could fall to the bottom of a gap in supply at $70,000 before testing its realized price of $56,000, the average cost of all BTC in circulation.

“Catalysts remain hard to find and narratives are also working against Bitcoin as it fails to trade along with gold and silver as part of a market-wide ‘debasement hedge trade,’” he added.

Story continues: https://cointelegraph.com/news/bitcoin-risks-56k-reasons-for-gains-elusive-galaxy