The Bitcoin price is currently hovering in the $ 17,500- $ 20,500 range, its all-time highest since 2017, and continues to monitor lower prices, indicating that sellers are putting tremendous pressure on the market. .
Yesterday, the BTC hit an 18-month low of $ 17,600, but quickly rose to more than $ 20,000 a few hours later. While there has been a lot of panic in the cryptocurrency market, the downward momentum has not slowed, resulting in more than $ 600 million in liquidations on a daily scale. However, it is difficult to predict a “isawsaw” currently.
Additionally, some whales respond by placing their assets on exchanges, initiating leveraged short bets, and hedging against further price declines.
Long -term investors and whales do this to avoid selling their coins in spot markets during times of market weakness. This aggressive short selling, on the other hand, will increase selling pressure and even lower prices. Investors are advised to choose DCA instead or exit the market temporarily.
Solana, XRP, BNB Price Action
Some of the other top digital assets didn’t bend, as many lost a large portion of their value over the weekend, following in the footsteps of bitcoin. ETH is currently trading below the $ 1,000 price level, BNB is below $ 200, and XRP has fallen to $ 0.30.
However, some larger cap altcoins, including Solana, Polkadot, Dogecoin, and Litecoin, have experienced minor rallies because they are not subject to Bitcoin’s bearish momentum. Solana held its $ 33 level after plunging to about $ 27, an increase of about 11%.
Bitcoin Aging and Adoption Continues to Grow Despite Volatility
Binance bought approximately 101,266 bitcoins while the price of bitcoin was at an all low.
For this transaction, the exchange used a Bitcoin wallet with the number 44434365. The total amount is estimated at approximately $ 7,025,905,968. This Bitcoin wallet has been active since December 8, 2017, and has approximately 2% of all bitcoins mined to date.
Elon Musk, the CEO of Tesla and the founder of SpaceX, said he will continue to promote and buy Dogecoin.
I will continue to support Dogecoin
– Elon Musk (@elonmusk) June 19, 2022
Long -term holders hold their position despite the current market conditions.
Bitcoin hater Peter Brandt predicts the bottom of Ethereum
The price of Ether, the second largest cryptocurrency in the world by market value, could go down as low as $ 300, says Peter Brandt. Ether has already dropped more than 80% from its all-time high of $ 4,878 reached in November 2021. To reach Brandt’s pessimistic price prediction, altcoin needs to drop approximately 69% from the price. its current transaction of approximately $ 1,000.
The chart suggests a $ 300 target. Targets are not sacred — sometimes hit, sometimes not, sometimes missed. But for now I will not buy first $ ETH with my enemy’s money $ ETH pic.twitter.com/syZvhGxve2
– Peter Brandt (@PeterLBrandt) June 18, 2022
Also, Brandt still thinks that bitcoin has a 50% chance of being virtually worthless.
Is it the bottom of the wave?
Currently, the market is struggling to move forward, and it is currently under tremendous tension and selling pressure.
No one can predict what will be under the wave, because the selloff is still increasing. Prices therefore still have every chance of continuing to fall until the end of the year or next year.
Many factors come into play, whether it’s the stock market, the Fed’s monetary policy, the overall economy of the world’s government, or the fears of recession.
Finally, cryptocurrencies represent the future of finance and, of course, we’ve seen declines like this before. So bear season isn’t here to stay forever, the bulls will soon have a market to run, and we’ll be back. Right now, you may need to keep a close eye on the market and not enter it.
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