As the cryptocurrency market continues the uncertainties of the new week, Bitcoin’s trajectory remains a focus for investors around the world. Bitcoin is struggling to find stability. Analysts from Deribit attribute this lack of significant increase to the Fed’s dovish statements and the effective decline in Tether’s token issuance. Meanwhile, well-known analyst Il Capo paints a different picture, claiming that Bitcoin and altcoins are on the verge of reaching a peak with significant resistance levels. Here are two noteworthy Bitcoin predictions
Bitcoin prediction from Deribit analysts
Bitcoin started the new week with a decline, briefly rising above $43,000 after the FED’s decision. However, it had difficulty maintaining these levels. In the evening hours, BTC once again fell below $42,000. Therefore, it has caused investors to question where Bitcoin will close at the end of 2023 and whether last week’s rise will continue. Deribit analysts made a new Bitcoin prediction at this point. Despite the dovish statements of the FED, analysts noted that there was no significant increase in Bitcoin. They attribute this to Tether reducing its token issuance.
Despite expectations that FED Chairman Powell would take a dovish stance at this week’s FOMC meeting, Bitcoin failed to recover. This shows Bitcoin’s fatigue. This week also shows that the chances of another rise before January are slim. Beyond the Fed, the reduction in Tether’s token issuance is also impacting BTC’s bullish momentum.
How does Tether affect the market?
Continuing the topic of Bitcoin prediction, Deribit said that Tether’s continued entry into the market was a clear indication that institutional players were moving money from fiat to crypto. However, the drop in Tether’s token issuance from $1.6 billion weekly to $0.4 billion was critical. Because it caused the inflows and the rise of Bitcoin to stop. Analysts point to the possible delay in approval of spot Bitcoin ETFs until March as another reason not to expect a rally in BTC until January.
New comments from the famous analyst who expects a decline
cryptokoin.com As we reported, analyst Il Capo, known for its successful decline predictions in recent years, shared new predictions. Analyst made Bitcoin prediction; He claims that Bitcoin and altcoins are approaching their peaks. The analyst highlights key resistance levels between $43,000-$45,000 for BTC and $2,350-$2,500 for ETH. Il Capo suggests that the current rally is about to end. The analyst believes that we are very close to a local top in the entire crypto market. According to the analyst, BTC faces significant resistance around $43,000-45,000. ETH resistance is between $2,350-2,500.
The analyst, whose Bitcoin prediction draws attention, said, “Money is now flowing to altcoins and Shitcoins. This signals the end of the era. The mini bull market we are experiencing in 2023 is actually a bear market rally. I missed opportunities this year, but bigger ones will come. “Especially if the main scenario in Bitcoin develops,” he concluded his prediction.
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