Bitcoin’s Price Volatility: A Sign of Things to Come?
The cryptocurrency market has been experiencing a period of relative calm, with Bitcoin’s price hovering around the $66,000 mark. However, some analysts believe that this tranquility may be short-lived, and that a major correction is on the horizon.
In a recent video, analyst Nicholas Merten expressed bearish sentiment on Bitcoin, citing warning signs that people are ignoring. Merten believes that a correction is imminent, and that it could happen as soon as the next week or two.
One of the warning signs that Merten points to is the fact that Bitcoin has failed to record a daily close above the $71,500 to $72,500 price range. This, he argues, is a sign of heavy selling pressure.
Bitcoin’s price has been stuck in a range
Merten also notes that the current price range is similar to the previous all-time high range, which was seen in 2021. This, he believes, is a sign that whales are offloading their positions, taking advantage of the ability to sell at a higher price range.
Whales are offloading their positions
The Financial Stability Board (FSB) has also announced that it will undertake further work on the challenges posed by stablecoins in emerging and developing economies. This could have implications for the cryptocurrency market as a whole.
The FSB is investigating stablecoins
In other news, U.S.-listed bitcoin miners have reached a record market cap of $22.8 billion, according to JPMorgan. This is a sign of the growing interest in cryptocurrency mining.
Bitcoin mining is on the rise
The cryptocurrency market is known for its volatility, and it’s impossible to predict with certainty what will happen next. However, with analysts like Merten sounding the alarm, it’s clear that investors should be prepared for a potential correction.
The cryptocurrency market is known for its volatility
What do you think? Will Bitcoin’s price continue to rise, or is a correction on the horizon? Let us know in the comments!
Bitcoin’s logo
Disclaimer: Opinions expressed at CRYPTOBITE are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. CRYPTOBITE does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is CRYPTOBITE an investment advisor.
