Bitcoin Could Revisit $55,000 if $60,000 Support Breaks, Analyst Says

According to Matt Mena, senior crypto research strategist at 21Shares, Bitcoin could revisit $55,000 if the key $60,000 support level breaks on June 5. The $55,000 level aligns with Bitcoin's realized price and has historically held during major drawdowns, including the 2018 crash, March 2020 Covid downturn, and 2022 FTX collapse. Mena noted that with over 50% of BTC holders now at a loss, this support becomes critical to watch.

Despite recent market pressure and a stronger-than-expected U.S. jobs report in May (172,000 jobs added), Mena maintained a $100,000 year-end target for Bitcoin, citing the need for a non-sovereign, censorship-resistant asset as a potential hedge against debasement.