bitcoin It reached as high as $28,889 during the trading hours yesterday, but then it was quite active, falling back to $27,000. The decline was directly linked to the US Commodity Futures Trading Commission’s lawsuit against Binance.
Analyst Tedtalksmacro, Bitcoin’s current price trends, leading cryptocurrency Note that it is similar to 2019, when the currency fell 83% from the peak price about 500 days before the 2020 halving, and then bottomed out. pulled.
The analyst believes that the BTC price will decline 78% from the peak price about 500 days before the 2024 halving and reach a bottom price in 2023.
Just like every other #Bitcoin cycle, the current has it’s nuances. However, I’d think we’re currently trading in an environment akin to September – November 2019.
NEWS CONTINUES BELOWFed in 2019:
– Cut rates 3x by October
– Began expanding balance sheet in SeptemberFed in 2023:
– Begin expanding… pic.twitter.com/bVHdk2DPxjNEWS CONTINUES BELOW— tedtalksmacro (@tedtalksmacro) March 28, 2023
The analyst also noted that the 2021/22 bubble far exceeded the 2018 bubble. Likewise, with the exception of another black swan event such as the third world war, COVID made the assumption that black swan price action should not repeat itself.
Another analyst, Andrew Kang, drew parallels between 2020 and today, when regulatory pressure surrounding Bitcoin after the COVID recovery caused markets to be hit by a barrage of regulatory FUD from US and Chinese regulators.
The US government targeted CryptoHayes and Bitmex, while the Chinese government went after OKX and Huobi executives. Despite this, markets protected $10,000 and managed to fend off worries.
You can follow the current price action here.