Hi there i am asking this because i took out a loan at Nexo against my bitcoin. They told me my collateral bitcoin would have to drop 40 percent before they would start selling my bitcoin if the LTV threshold was passed. For me that would be if bitcoin were to drop to around 5900 in price. So my question what are the chances of bitcoin dropping back to below 5900 again? I know anything is possible like what happened in march but realistically at this stage and time, what are the chances of that happening and me losing all my bitcoin? Thanks
To answer your question straight, at this point of time it is highly unlikely for bitcoin to drop back to $5900.
Bitcoin had been idle in the $9000 range and it had to show a change by a correction and the price is increasing now.
It is likely to increase in the upcoming days in my opinion because there is no such reason for bitcoin to dump any time soon.