The crypto prices experienced immense bearish pressure by FTX’s Collapse and the Fed’s hawkish comments.
Compared to Ethereum’s 8% drop to $1,100, Bitcoin’s ongoing decrease and breach of $16,000 was more disastrous. As investor confidence continues to decline, the market’s volatility is likely to remain unsteady and unpredictable.
The market capitalization of all cryptocurrencies fell 5% the previous day, to now trade at $795 billion. In addition, trade volume rose 68% to $55.80 billion.
Amidst all the speculation, a new trend for BTC is expected to emerge, according to the cryptocurrency analyst who correctly predicted the conclusion of the Bitcoin bull market last year.
The anonymous analyst known as “Pentoshi” has shared his prediction that Bitcoin’s price is nearing the bottom.
Bitcoin’s Sideways Trend To Continue Longer?
Contrary to Pentoshi’s forecasts, the bottom of the Bitcoin market does not automatically herald the beginning of a new bull cycle.
According to his analysis, the time aspect of the BTC bottom may be close, but not necessarily just around the corner. The most valuable resource right now is time. Therefore probably BTC will spend a lot of it sideways, according to how the situation is playing out right now.
Притисак продаје биткоина
По сантимент сантимент На ланцу charts, one can see slight selling pressure over the last 24 hours, indicating that the downside could be retested overnight.
Source: https://coinpedia.org/bitcoin/end-of-bitcoins-year-long-downtrend-heres-what-next-for-btc-price/