Bitcoin (BTC): Top Trader Gives Scary Prediction as Price Drops
Date: 2023-06-16 Author: Karina Ziganova Categories: CRYPTO PAYMENTS
At the time of writing, BTC is down 3.77% year on year. to $25,000 in the last 24 hours. Shortly after the end of the June Fed meeting, interest rates were announced to remain constant, but the two are expected to increase further this year.
Price action has been muted this week and sentiment has been unfavorable due to the Securities and Exchange Commission (SEC) lawsuit against the exchange's two largest cryptocurrencies, Coinbase (NASDAQ:COIN) and Binance, further freezing the market.
As uncertainty persists in the market, a veteran trader is issuing a bitcoin price warning. In a new tweet, Brandt stated that bitcoin could be in the red for now. "Now" here can mean short or medium term; however the context remains unknown
As reported, Brandt has identified a price equilibrium for Bitcoin, which he calls "hinged" behavior. This could suggest that Bitcoin was ready to make the next move, be it up or down. In a follow-up to his tweet, Brandt talks about the possibility of a downtrend for BTC, saying,
"Currently downgraded." Meanwhile, Bitcoin’s share of the overall crypto market value, or BTC dominance, is the highest in roughly 20 months, a sign of cautious sentiment in the figure.
resources. This was reported by the analytical company Glassnode. Bitcoin dominance continues to rise to its current value of 47.6%, which means a year-to-date increase of 7.6%.
Glassnode says that this may indicate a constant rotation of capital from altcoins to large assets as capital begins to concentrate on the most liquid crypto assets.
