This is Why Bitcoin (BTC) Price Will See More Downside in the Coming Days!
Bitcoin (BTC) has increasingly become the focus of worldwide investors with its recent price drop. Several large investors may be sitting back and waiting with capital for investment in BTC when it reaches a new low.
However, in fact, nobody really understands when the bottom will be reached. Billionaire investor Mark Mobius has predicted that Bitcoin’s bottom is about to be reached.
In the latest Bloomberg interview, Mobius asserted that
“Bitcoin traders are still discussing purchasing at declines, which indicates a positivity. This also implies how we have not settled at the lows of the market crash.”
Bitcoin has frequently been connected with US stock indexes, particularly the Nasdaq 100. Nevertheless, since the beginning of May, Bitcoin and the entire crypto market have been recovering quicker than US stocks.
Bitcoin Price Action Indicates Stock Market Drop
Mobius, surprisingly, indicated that Bitcoin will be the primary signal of when the stock market will drop. He advises equities traders to shift their focus to cryptocurrencies. He believes Cryptocurrencies are being used to analyze investor confidence. The Nasdaq Composite falls the next day after Bitcoin falls. That is the layout you will obtain. This demonstrates that Bitcoin is a big driver.
Market Crash Keeps Bitcoin Miners On The Go
Bitcoin miners were some of the most active sellers throughout this global recession. As the price of bitcoin fell below $20,000, miners transferred more bitcoin to fund operational costs.
Some mining pool participants from Poolin just sent 5k $BTC (~$110M) to Binance.This might indicate some miners' revenue can't meet the break-even point, so they have to cash out to cover expenses/loans.Live Chart — Ki Young Ju (@ki_young_ju) June 22, 2022
Furthermore, CryptoQuant CEO Ki-Young Ju notes that multiple indications are indicating a decline. He believes that building a large short position in Bitcoin during this time is not sensible. Instead, Bitcoin might be in for an extended consolidation phase.
Most #Bitcoin cyclic indicators are saying the bottom.Not sure how long it would take for consolidation in this range tho. Opening a big short position here sounds not a good idea unless you think that $BTC is going to zero.Live Dashboard — Ki Young Ju (@ki_young_ju) June 23, 2022