Cryptocurrency
Analyst Who Called Bitcoin’s Brutal Crash to $7,500 Thinks This is Next
As reported on NewsBTC, “It’s not a secret that Bitcoin hasn’t done well over the past few days and weeks; since the weekend’s $9,200 peak, the cryptocurrency has lost nearly 18%, and since the $10,600 peak in February, BTC has shed over 25%. In the process of this brutal move, hundreds of millions worth of […]
As reported on NewsBTC, “It’s not a secret that Bitcoin hasn’t done well over the past few days and weeks; since the weekend’s $9,200 peak, the cryptocurrency has lost nearly 18%, and since the $10,600 peak in February, BTC has shed over 25%. In the process of this brutal move, hundreds of millions worth of leveraged positions have been liquidated.
“Furthermore, with a harrowing macro outlook and Bitcoin seemingly becoming correlated with the stock market, some have been wondering if BTC could enter back into a bear market. One analyst, in fact, warned of a potential return to $4,000.
“Despite these fears, many are staying optimistic. In fact, the trader who called the return to $7,500 when investors were by and large expecting a further rally above $10,000 recently floated the scenario that BTC is in the midst of bottoming.
“When BTC was floating above $9,000 near the end of February, Nik Yaremchuk, analyst at Adaptive Capital (a crypto hedge fund), floated the below scenario, calling for the leading cryptocurrency to retrace to $7,500, which then would’ve been a drop of around 20%…