Global crypto hedge funds have also been buying the dip, signaling a potential Bitcoin “supply shock” as BTC exchange reserves sink to levels last seen in 2018.
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Rising concerns about Federal Reserve monetary policy and rising bond rates are having a negative impact on Bitcoin’s price.
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CryptoQuant CEO Ki Young Ju tips Bitcoin to finish the year at $58,974 but another analyst disagrees, saying a major pullback is unlikely.
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Lekker Capital chief investment officer Quinn Thomspon says this week’s Bitcoin dip shows a “clear invalidation” when compared to previous price stumbles.
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Despite the gloomy outlook, Bitcoin could prevent more downside pressure if it manages to remain above the $51,000 mark.
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“Often the crowd unanimously call the dip/bottom earlier than the actual dip and the real bottoms forms when the crowd least expects which is represented by low to no mentions in Buy The Dip,” K J Lanaul wrote.
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As everyone knows, bitcoin has dropped roughly three-fold from its December peak. At the height of the mania it touched $20,000 but has since fallen to as low as $6,000. The question of what caused the great decline is one that most bitcoiners have an opinion on. In a bid to settle the matter once […]
The post Data Reveals the Reasons Behind Bitcoin’s Big Dip appeared first on Bitcoin News.
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