Plunge

Bitcoin

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In a recent&nbsp;<a href="https://twitter.com/Negentropic_/status/1785254114726646199" rel="noopener noreferrer nofollow">post</a> on the X social media platform, Glassnode co-founder Yann Allemann has opined that the price of Bitcoin, the leading cryptocurrency, could end up crashing all the way back to the $52,000 where it would be expected to find some stability.&nbsp;
However, he is bullish on the largest cryptocurrency since he believes that it will be able to attract buyers and reinforce the current uptrend.&nbsp;
Even though the largest cryptocurrency experienced a significant correction over the weekend, Allemann still sees potential signs of recovery that are currently emerging.&nbsp;
The analyst sees the Exponential Moving Average (EMA) as potential support. For now, the $60,000 level seems to be like "robust bottom" as the flagship cryptocurrency continues its streak of range-bound trading.&nbsp;
At press time, the leading cryptocurrency is trading at $60,860 on major spot exchanges. According to the 100eyes Crypto Scanner account, the cryptocurrency has now approved its critical horizontal support.&nbsp;
<h2 id="an-etf-market-for-ants">An ETF market for ants&nbsp;</h2>
The latest drop came after the launch of Bitcoin and Ethereum exchange-traded funds (ETFs) in Hong Kong ended up being a rather underwhelming event. These products managed to attract only a puny $12 million worth of trading volume.&nbsp;
Yet, according to ETF analyst Eric Balchunas, the launch of these ETFs was not a complete disaster since they managed to attract $141 million worth of inflows. In fact, it was quite a success since these numbers have to be adjusted for the size of Hong Kong's relatively small ETF market.&nbsp;
"That said, HK ETFs launched at good time as US slowing, so their $141m+ in inflows going to more than offset slightly negative US flows," he added.&nbsp;

Bitcoin Might Plunge to $52K Level, Top Expert Warns

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