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!
As you follow on Kriptokoin.com, 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.
Hinged to downside for now. https://t.co/cn9o2PHlvN pic.twitter.com/xItTCyAVmc
— Peter Brandt (@PeterLBrandt) June 14, 2023
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 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 large 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.
#Bitcoin looks poised to rebound! The TD Sequential presents a buy signal on the 1hr chart, with a bullish divergenge against the RSI.
If $BTC holds above $24.8K, expect an upswing to $25.3K or even $25.5K. pic.twitter.com/otmgy0XvT0
— Ali (@ali_charts) June 15, 2023
The illiquid supply of BTC 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.
The #Bitcoin Illiquid Supply continues to grow at a rate of +119K BTC / Month, suggesting coins continue to concentrate into illiquid wallets with a sparse history of spending. This infers that HODLing remains the primary market dynamic. pic.twitter.com/yWrGK7xFsH
— glassnode (@glassnode) June 15, 2023
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.
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