Quick Takes:
- Bitcoin dips below $59K, causing market jitters.
- Is this the end of the crypto bull cycle, or just a steep discount sale?
Yello Paradisers! Are we witnessing the death knell of the legendary Bitcoin bull run? The cryptocurrency giant, Bitcoin, has shockingly plummeted below the $59K mark, triggering a catastrophic domino effect across the altcoin market.
As traders and hodlers alike felt the chill, the crypto giant shed about 4% in the last day alone, settling around $58,453 in the early trading hours today. Why the fallout? A whopping $275 million vanished from the leveraged crypto market, that’s gotta hurt, especially for the $245 million in long positions.
Why is Bitcoin Feeling the Cold?
The crypto sphere has been on edge, nibbling nails over the impending release of $9 billion worth of Bitcoin from the long-dormant Mt. Gox wallets. Also, the German and US governments Bitcoin wallets are on the move according to PeckShield, a blockchain analytics.
If you had followed up on our analysis in this channel, the dip wouldn’t have caught you unguided, we clearly stated that Bitcoin is pumping from our major Support Zone but with the Original ParadiseFamilyVIP members, we didn’t open a long position, why? Because it is the most profitable step to take, and we were waiting for the highest probability, by doing this, we have been able to avoid unnecessary emotional trauma and also avoid losses. Clearly, this is the dip we have been waiting for through our Technical Analysis (TA), but TA isn’t enough, there are other factors contributing to our move, you can join the channel to read the entire analysis.
Source: MyCryptoParadise FREE Channel
Bearish Breeze or Bullish Buildup?
Additionally, recent data isn’t helping Bitcoin’s case, with U.S. spot Bitcoin ETFs seeing about $20 million marching out the door. Yet, not all hope is lost, Fidelity’s FBTC managed to scoop up around $7 million, showing some spots of warmth in a chilly market.
The broader crypto market also caught the cold after hints from the Federal Reserve suggested a slow defrost of inflation rates, putting those hopeful for imminent rate cuts on ice.
What’s on the Horizon for Bitcoin?
As Bitcoin teeters in what some call a ‘re-accumulation zone’, sparked by halving events and ETF buzz, a significant chunk of Bitcoin holders find themselves in the red. Should the bearish pressure persist, Bitcoin might just test the waters between the $40K and $50K marks.
To know what is going to happen next, you can join this channel, or be a part of our ParadiseFamilyVIP members.
So, as the crypto winter whispers, is it time to huddle or hustle? Maybe a bit of both, as the market’s frost might just yield a profitable thaw.
