Bearish Flip in Crypto Crowd Sentiments Signals Inevitable Bitcoin Price Reversal
Crypto whales have continued to defend Bitcoin’s support level around $61K ahead of the fourth halving over the weekend.
Btc price decreased to $309 after a flash crash on the bitcoin trading platform BTC-e.
Crypto whales have continued to defend Bitcoin’s support level around $61K ahead of the fourth halving over the weekend.
The speculations of these analysts underscore the previous opinion shared by Bloomberg Senior ETF Analyst Eric Balchunas.
Blockware Solutions analyst Mitchell Askew believes the upcoming Bitcoin halving event will turn out to be a buy-the-news event.
Bitcoin price recovered quickly after a dip to $61,500 following Fed Chairman Jerome Powell’s comments about keeping interest rates unchanged.
Bitcoin price surged to $67,000 during Asian trading hours, following the approval of spot Bitcoin ETFs in Hong Kong. However, this euphoria was short-lived as rising US Treasury yields impacted market sentiment, pushing BTC back to $62,500.
According to Crypto.com CEO, Bitcoin halving would be a buy-the-rumour, sell-the-news event. In the short term, it could lead to price volatility but would be overall positive in the long term.
During the last week, the nine Bitcoin ETFs saw their lowest weekly inflows at $572 million while GBTC alone registered $767 million in outflows making the net flows negative.
On Monday, the Bitcoin Fear and Greed Index went up from 72 to 74, moving into the Extreme Greed zone. This could mean a drop, but BTC spot ETF market flow data will be very important for figuring out short-term trends.
21,000 Bitcoin options are set to expire having a notional value of $1.5 billion and a put call ratio of 0.62. The max pain point for the expiry currently stands at $69,000.
Kiyosaki, a long-time supporter of BTC, has endorsed Wood’s forecast, expressing his trust in her insights and intelligence.