Analyst Matt Maley of Miller Tabak + Co warns Bitcoin (BTC) may face a catastrophic correction if it fails to break the $40,000 mark.
Obviously, if no investors make purchases in the near future, the market will likely return to dismal in the blink of an eye.
Last week, the crypto magnate was seen making tests at levels exceeding $40,000 before surging to a high, $42,605 on Aug 1st.
However, Bitcoin is seen as failing to break higher. On the other hand, Satoshi Nakamoto's asset is depreciating at a value at the time of writing at $37,903.
This sad move is a little more impressive than the decision of Securities and Exchange Commission (SEC) chairman Gary Gensler who wants cryptocurrency laws to be tightened.
Prior to this, Bitcoin had bottomed out, $28,616 on Jun 22 after posting a low of $30,000 in May.
It's uncertain how far Maley's forecast is, but it was enough to show a record low last June it is not impossible that it will happen again if fate does not side with the crypto market.
