Cryptocurrency prices slumped after the Federal Reserve’s June meeting. Bitcoin has lost the key price level of $25,000. In the midst of these developments, veteran analyst Peter Brandt is warning investors about the price of Bitcoin.
Scary predictions for Bitcoin from the legendary analyst!
cryptocoin.comAs you follow, Bitcoin has seen below $ 25 thousand for the first time since March. The leading cryptocurrency fell to $ 24,750 in this move. The declines began shortly after the Federal Reserve’s June meeting ended when it was announced that interest rates would remain flat for now, but two more hikes are expected later this year.
On the other hand, this week it filed against the Securities and Exchange Commission’s (SEC) two largest cryptocurrency exchanges, Coinbase and Binance. Price action was muted and sentiment was negative as a result of the lawsuits that further froze the market. With uncertainty in the market, veteran analyst Peter Brandt made a warning about the price of Bitcoin. Check out this article for the analyst’s accurate predictions. Brandt stated in a new post that Bitcoin is on the downside for now. The “now” here may refer to the short or medium term; but the context is unknown.
Peter Brandt has identified price stability for Bitcoin, which he calls “hinge” behavior. This indicates that Bitcoin is ready to make the next move up or down. “It is down for now,” Brandt said in the continuation of his tweet, citing the possibility of a downtrend for BTC.
Meanwhile, Bitcoin’s share of the total crypto market cap, or BTC dominance, is at a nearly 20-month high, a sign of the cautious mood in digital assets. On-chain analytics firm Glassnode reported that Bitcoin dominance rose to 47.6% current value. He also noted that this indicates an increase of 7.6% since the beginning of the year. Glassnode says this could suggest a continued rotation of capital from altcoins to major assets as capital begins to concentrate on the most liquid crypto assets.
Ali Martinez: Bitcoin ready to rise to $25.5K
Crypto analyst and trader Ali Martinez shared a bullish forecast on his Twitter account. The analyst believes that BTC will recover as the TD Sequential indicator shows a buy signal on Bitcoin’s hourly chart and a bullish divergence against the RSI. Martinez expects Bitcoin to surge to $25,300 if it manages to stay above the $24,800 level. He even says that a rise to $25,500 is possible.
of BTC illiquid supply continues to grow
Glassnode shared that the crypto community continues to accumulate BTC and move these coins to illiquid wallets. According to its analytics platform, the illiquid supply of Bitcoin continues to grow. Also, more than 119,000 BTC are added to cold wallets every month. This conclusion by the Glassnode analytics team shows that the primary market dynamic at the moment is HODLing in BTC.
BTC responds to Fed’s latest decision
Fed Chairman Jerome Powell announced that he intends to put the bank’s rate hike strategy on hold. The crypto community was looking forward to this step. Despite this, Bitcoin dropped as low as $25,900 in just a few minutes. This is proof that the crypto market is highly sensitive to anticipated macroeconomic changes.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.