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
No, I do not think that the price of bitcoin can now drop to $ 5,900 and below. Of course, a price correction in the cryptocurrency market could happen very soon. There is information that whales are transferring their bitcoins to exchanges. This may mean that at any moment the bitcoins can start dumping and they will fall in price. However, there shouldn't be a big drop now. Too much expectation of market participants for a rise in the price of cryptocurrency.