There are all kinds of prediciotns about the price of the most important digital asset out there. At the moment of writing this article, BTC is trading in the red and the king coin is priced at $25,475.
Bitcoin price warning is out
An analyst who nailed the 2018 bear market bottom for Bitcoin (BTC) believes that the crypto king’s correction is not yet over.
Pseudonymous crypto strategist Bluntz said recently, according to the latest reports coming from the online publication the Daily Hodl, that he expects Bitcoin to go on a quick bounce before resuming its downtrend.
He said that Bitcoin’s bearish chart suggests that more bad news stories could be in store for the crypto space.
“Now that price action has unfolded a bit longer, I think sub-$24,000 is probably likely. It definitely feels like some kind of sideways-running triangle forming here on the four-hour (chart) with the underlying trend currently down.”
He continued and stated the following:
“Risk/reward is gone now but definitely looking to re-short any bounce up over the next day. Just the fact that crypto is trading like this while other risk-on assets are pumping probably tells me there’s more bad news looming.”
This would definitely be a great opportunity for people who plan on accumulating the king coin.
The BitMEX founder, Arthur Hayes, also brings good news for the future of Bitcoin. In a recent essay, he suggests that the Federal Reserve’s decision to raise interest rates will act as a catalyst for a bullish trend in Bitcoin, as The Daily Hodl reveals.
Hayes explains that as the Fed aims to pay interest on reserve balances, it will potentially resort to printing more money, thereby injecting liquidity into the financial system. According to Hayes’s prediction, affluent individuals who receive interest payments from the Fed will likely channel those funds into purchasing high-risk assets.