Peter Brandt is a renowned trader who recently resigned. provided Market insights for Bitcoin, predicting a difficult period to be followed by a major rally.
The current Bitcoin trading behaviour is showing signs of concern for short-term investors.
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Bitcoin’s Precarious Course: Possible Drop and Subsequent Rise
Brandt’s analysis shows that Bitcoin could be triggered if it breaks through the $65,000 barrier. further drop To around $60,000. It could even drop as low at $48,000.
Bitcoin’s value has dropped by 5.6% during the past seven days to a total of $67.170.
Brandt sees the silver lining despite the short-term grim outlook. substantial recovery. He outlines immediate risks, and suggests a recovery that he calls the “pump” phase following the “dump.”
Chart of interest – Bitcoin $BTC
Charts can have the clearest interpretation. work Most of the time, the charts change. The most obvious thing is:
Market will go to 60,000 if you break the 65,000 barrier
The market is now at 48,000 mts. pic.twitter.com/JsXXVx2EhV— Peter Brandt (@PeterLBrandt) June 13, 2024
Brandt believes that this pattern is indicative of the volatility in cryptocurrency markets, and it could be a turning point for investors.
In the early part of this year, he was able to make similar observations Bitcoin’s price was $42,300. This suggests that bull market cycles are a common feature.
JPMorgan Cautions On Bitcoin Touted Demand for ETF
Meanwhile, financial Institutions like JPMorgan examined the wider implications of market dynamics for Bitcoin’s value. JPMorgan recently expressed concerns about the overestimation in demand for Bitcoin-based ETFs.
The analysis shows that much of the recent investment in Bitcoin ETFs may not be representative. new capital It is not a change from using traditional exchange wallets for cryptocurrency, but rather an evolution. “more regulated and seemingly secure” ETFs.
The main driver of this shift is “cost-effectiveness, regulatory protection, and deeper liquidity” ETFs have advantages over traditional crypto wallets
JPM SAYS #BITCOIN ETF DEMAND OVERSTATED BY 2x –>
“Not all of these inflows represent fresh money
entering the crypto space as we believe there has likely
been a significant rotation away from digital wallets on
exchanges to the new spot bitcoin ETFs. This is due to the
cost… pic.twitter.com/l23mDv4Gmd— matthew sigel, recovering CFA (@matthew_sigel) June 13, 2024
In addition, since the launch of ETFs that track spot prices, there’s been a notable increase in their popularity. decline in BTC reserves on exchangesThe overall growth in institutional demand is not as large as was previously believed.
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JPMorgan estimated that the actual net flows of Bitcoin ETFs between January and March totaled about 12 billion dollars, which contradicts bullish claims regarding massive institutional demand.
Featured Image created using DALL-E and Charts from TradingView
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Source: www.newsbtc.com