Btc Drops To Near ,700 After Fed Chair Powell’s Speech – Widely respected crypto analyst Nicholas Merton says Bitcoin (BTC) will continue to fall, but the smart money will eventually catch it lower and send it higher.
In a new YouTube update, the Datadash channel host tells his 491,000 subscribers that the Bitcoin market is going through a “cycle.”
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“If you want some relief here because we’ve already seen the price of bitcoin fall, I think it’s very realistic that we’ll go back to $600-650 billion [BTC market cap size].”
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Currently, Bitcoin’s market capitalization is $806 billion. The drop to $600 billion would represent a 25% drop, but Merton says the correction will ultimately be good for the market.
“That would allow us to establish an upside or upside support line at the top of the previous resistance point in the 2017 cycle, and/or we could see it rise to around $650-700 billion sooner rather than later. Kate.”
According to Merten, smart currency buyers will look at Bitcoin’s inevitable rise as a big buy signal.
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Because it will be an indicator that the market has not entered a bear market.
Of course, the smart money will come in and buy the fear and drive prices higher in 2022.
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Bitcoin fell 10.7 percent to $42,522 in New York trading hours, hitting its lowest level since early August. The pound is also below its lowest level since September 7, when the coin fell as much as 17 percent in less than an hour. Other digital assets also retreated, with Bitcoin Cash, EOS and Ether all down.
The losses reflected broader market activity as investors weighed Evergrande’s debt problems and the risks of this week’s Federal Reserve meeting. that the United States. The Stoxx Europe 600 index fell as much as 2 percent, its biggest drop since July, as stock futures turned to losses at the open.
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According to data from crypto futures trading and information platform Bybta, the pace of decline accelerated as more than 249,000 traders liquidated their accounts in the past 24 hours, removing $1.23 billion worth of crypto.
“Some have attributed the situation with China’s Evergrande to a sharp decline, which has already caused turmoil in traditional markets,” wrote Jonas Lueti, a sell-side trader at UK-based digital asset broker GlobalBlock. “Analysts have suggested a turbulent week ahead, with a possible pullback to $41,000.”
While Bitcoin doesn’t always trade in tandem with financial markets — a trait that makes it an attractive proposition from a portfolio diversification standpoint — the 30-day correlation with Nasdaq 100 futures has been consistently positive since February. last year. A reading of 0.5 — which is close now — means they’re mostly moving in the same direction these days.
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While investors say the correlation with tech stocks makes sense — both types of investments can be seen as attractive to the same set of tech-savvy investors — small-cap stocks and the S&P 500 have also shown strong correlations. That could be the reason. As Bitcoin becomes more integrated with global financial markets, it must be more responsive to changing risk appetites that drive global sentiment.
Meanwhile, El Salvador’s President Nayib Bukele said the country had bought the “decline” in bitcoin, and added 150 tokens to bring its total holdings up to 700 – about the United States. 32 million dollars at current prices. The nation recently accepted bitcoin as legal tender in a controversial move that faced technical glitches and protests.
The enthusiastic use of Bitcoin in El Salvador is one of the reasons why the price has risen and recently reached a four-month high. However, the market has a long way to go before recovering from the May sales.
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“On a day like today, when you have a perfect storm, I think people are asking, ‘What will sell me the fastest? What can I have access to at 2 in the morning?'” said Scott Bauer, CEO of Prosper Trading Academy. “If they’re holding crypto, which is obviously a 24-hour market, that’s probably the first place they’ll look,” he said, adding that news from China has been negative for the crypto space.
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At the end of the day, Bitcoin fell as low as $10,400. At press time, the asset appears to have settled in a tight price range of $10,350 and $10,600.
At the start of the week, Bitcoin’s movement was largely sideways. Like most cryptocurrencies, Bitcoin saw a marginal decline of less than 1%. The dramatic drop in trading volume is noteworthy. Is it a sign of a dying momentum?
At press time, Bitcoin trading volume has dropped to $15 billion. That’s half of his bullish momentum peaked a few weeks ago. Bitcoin’s dominance seems to have dropped to 65% at the start of the week.
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This change follows the excellent performance of altcoins last week, a sign that the previous season is returning. The Bills seem to have pulled out after a long battle with the Bears last week. It may be time to consolidate this before taking the next step. While prices may appear stable, the absence of a bull could lead to an increase in bears, giving the future a much-needed look.
Altcoins also share the same fate as Bitcoin. Most people have reported minor losses in the last 24 hours. This ranges from 0.50% to 4%. They also reported a drop in trading volume in the last 24 hours.
Ethereum, which has consistently seen a daily trading volume of more than $10 billion, was down to less than $6.5 billion at press time. XRP, on the other hand, fell below $1 billion.
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In the next few hours, we can start to see more significant movements in the market. But unlike in recent months, the positive movement may be led by altcoins. Last week’s spike was fueled by altcoins led by Binance Coin, Litecoin, Ethereum, XRP and Tron. In the new week, we could see them playing a big role in pushing the market higher.
Disclaimer: None of the information you read should be considered investment advice. Cryptocurrencies are very volatile, do your own research before making investment decisions.
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