Add as a preferred source on GoogleJackYi Identifies $79,000 as Bitcoin’s Next Support Level
The Liquid Capital founder expects Bitcoin’s pullback may extend toward $75,000 if the $79,000 level fails.
Bitcoin (BTC) has fallen below $82,000, with Liquid Capital founder JackYi identifying $79,000 as the next support level and warning that the decline may continue.
JackYi said the pace of Bitcoin’s drop over the past two days has increased his expectation that the cryptocurrency could break below $79,000. If that level fails, he sees the area around $75,000 as the next point for the market to assess.
He said he did not short Bitcoin during its pullback from $86,000 because he still considers the broader market trend bullish. JackYi described the decline as normal volatility within a bull market and said he prefers waiting for the pullback to reach a bottom rather than trying to predict the exact level in advance.
Enna Lee
ReporterEnna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to info@tokenpost.com.