Bear Market Sentiment Accelerates Bitcoin Flow to Trading Platforms…When Will Bitcoin Return to $64,000?
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Answer Bear Market Sentiment Accelerates Bitcoin Flow to Trading Platforms…When Will Bitcoin Return to $64,000?
The flow of bitcoin to trading platforms by whales has increased rapidly in the past few days especially yesterday, June 21, 2021 indicating a possible start of a bear market.
anticipation Charles Niner, a financial expert on economic cycles, said that the price of Bitcoin, which has reached an all-time high of $64,000, will not be gone for long.
Bitcoin Flow Rise Amid Chinese Repression:
China’s central bank (PBoC) has decided to let China’s crypto businesses already suffer from tight regulations toward cryptocurrency mining, banning almost all banking services for crypto institutions.
Read:Huobi announces the completion of the HT token burning process
While Bitcoin miners in China have no choice but to set up their operations elsewhere, that is the case for all other crypto companies now.
Already experiencing a broad market correction, the price of Bitcoin fell further once the China announcement made headlines.
As can be seen from the chart, the news of the Chinese bank ban has escalated the selling of whales and the influx of Bitcoin to the trading platforms.
Bitcoin whales have been buying the dips like the last two drops, but the price action appears to have shifted in the bears’ favour as large amounts of bitcoin flows towards the trading platforms during this new dip.
Charles Kinner commented on the Bitcoin price:
I don’t have a higher price target.
We may have a new cycle, but I don’t think it’s going to go away from $64,000 for long.
That’s not all, with Bitcoin ETFs out of the question to be approved in 2021, the price of Bitcoin appears to be heading lower than expected.
Analyst and head of the Hedge Fund Michael Barry, known for his spotlight during the 2008 financial crisis, also sees bearish sentiment.
Read:Brazilian investment bank launches “Mynt” app for cryptocurrency trading
Barry predicted that the worst market crash ever was about to start with losses never seen before.
Read also:
The author of “Black Swan” explains why he thinks Bitcoin is failing as a financial instrument and as a store of value!
China’s central bank bans banks and payment service providers from crypto-related businesses
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