Bitcoin tumbled 8%, trading at roughly $32,490.
Ari Wald, head of technical analysis at Oppenheimer, says its downswing has caused damage to the charts.
“We’ve seen this before,” Wald told CNBC’s “Trading Nation” on Monday.
“There’s two issues with crypto: One is the currency and the other is the blockchain, and you have to distinguish the two.
“The blockchain I think has value to it because we’ve seen the emergence of non-fungible tokens, NFTs, and the more NFTs that come to the market, the more they move to the blockchain.