The price of Bitcoin (BTC) has been moving in the range of $ 38,000 and $ 41,000 for the past two days, and dropped to $ 37,900 yesterday evening. Affected by BTC’s price action, altcoins also started to decline. So what’s next? Expert Tuna Kaya explained how cryptocurrencies will move now.
Bitcoin and altcoins on the decline: What’s next?
Most cryptocurrencies extended their losses on Tuesday, following the dips in stocks. Bitcoin (BTC) has been bearish for the past two weeks as traders await decisive action above or below the $40,000 price level. Alternative cryptocurrencies (altcoins) also fell, pointing to the uncertainty among market participants. Dogecoin (DOGE) is down 8 percent in the last 24 hours, erasing some of the gains from Monday’s rally. The Shiba Inu (SHIB) token has dropped 4 percent over the same period. Meanwhile, Bitcoin fell 5 percent on Tuesday and is on track to drop 15 percent over the past 30 days.
So what could happen now? Expert Tuna Kaya made various recommendations to investors. Kaya stated that crypto money markets can act according to the statements of the US Federal Reserve (FED). As we have reported as Kriptokoin.com, the next FED meeting will take place on May 4. Kaya noted that it could be a positive situation for BTC to enter this date with a price tag of over $ 40,000.
expects a peak in June, followed by a decrease
Kaya states that although there is an expectation that the FED will increase interest rates by 75 basis points, this is unlikely. He states that the important thing is when the Fed will begin to cut its balance sheet. Drawing attention to the rise in inflation, Kaya noted that while he expected a 50 basis point interest rate hike, he expected a deep decline in the crypto money market after June. The expert said, “I keep my target of $ 73 thousand in Bitcoin for June 10. After June, we will regress to the range of 37 thousand-34 thousand with the decreases,” he said.
On the other hand, revealing his goal of $5,000 for Ethereum, Kaya suggested that other altcoins could rise 2-3 times. He also pointed out that Dogecoin’s usage situation may increase with the acquisition of Twitter by Elon Musk, and stated that he expects an increase in DOGE.
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