While Bitcoin (BTC) continued the new year with weak price movements, it caught liquidity at new lows on January 7th. Sharing his latest predictions on Twitter, Crypto Ed says that BTC may deepen the decline after breaching September levels. Here are the details…
Crypto Ed: Bitcoin price should close above $42,400
Data from TradingView showed BTC/USD hitting its lowest levels since September overnight, dropping to $40,938 on Bitstamp. The pair initially bounced off $42,000 but later renewed its decline, surpassing the bottom seen in the liquidation tier in December. The debate among analysts focuses on the occurrence of a similar event with targets including a crash below the September low of $30,000. Twitter’s Crypto Ed warned, as part of his latest predictions, “could drop further with a liquidation wick below September lows.”
Analysts have suggested that the headwinds came from events in Kazakhstan, which is home to an estimated 18% of the Bitcoin hash rate. After mass nationwide internet outages this week, hash rate estimates began to drop by around 20 exahash per second (EH/s) from the previously ATH level of 192 EH/s, reminiscent of last year’s Chinese miner migration. Except those, cryptocoin.com As we reported, former BitMEX CEO Arthur Hayes shared that he expects a 90% collapse from the altcoin market. In his latest blog post, Hayes talks about how Fed decisions could affect the cryptocurrency market:
Given the law of large numbers, a simple resumption of the previous trend in asset purchases would not cause a sudden and sharp acceleration of the growth of the money supply. Therefore, while risky assets – including crypto – rejoice, this asset is the best case. Even if that happens, the only way the crypto markets will rise is if the Fed publicly opens the faucets and then fiat flows into crypto.
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