“It’s more of the same for the markets, but with a decidedly bearish sentiment for trade and crypto,” he said. Illan Solot, partner of the Tagus Capital Multi-Strategy Fund, in a Telegram chat. “I don’t remember this level of pessimism among contacts and Twitter, even at the lows of the cycle in January. The maverick in me wonders if this isn’t a good time to go against the narrative.”
“We could potentially see BTC move as low as $33,000 if macro sentiment weakens further“, said Matthew Dibb, chief operating officer and co-founder of Stack Funds. “We have seen consistent selling in line with the Nasdaq decline during Friday trading. We expect this to continue in the short term and trade closely with equities.”
On Friday, Bitcoin dipped below $40,000 as the Nasdaq fell more than 2% on fears of a Fed rate hike.
Laurent Kssis, managing director and head of Europe at exchange-traded fund firm Hashdexhe said: “I still see general downward pressure coupled with short, intermittent spikes that produce very little and are affected by long liquidations (around $25M in Bitcoin and $8M in Ether today). technically bearish on BTC in the short term.”
Some of the factors that drove cryptocurrency gains in recent years are being reversed. “As holding dollars becomes more valuable, some investors may resign Bitcoin or gold to the dollar,” he explained in a Nydig report. Bitcoin will continue to be driven primarily by fundamental factors such as user growth and network usage, but it is important to understand the evolution of relationships with other macroeconomics, they anticipated.
More cryptocurrency news
Bitcoin vs Gold: who will win?
Bear Market: the reason behind the fall in the price of Bitcoin
Bitcoin loses $40,000: How will its price react in the coming weeks?
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
