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The price of Bitcoin appears to be in a downward trend due to the ongoing FUD surrounding USDT at the time of writing this article. When the price reaches the $29,000 mark at the beginning of weekends, there are usually sharp declines. Will the same happen again?
Shiba Inu (SHIB) Price Analysis
Popular cryptocurrency investor known as Cantering Clark stated that the SHIB chart looks “quite appealing” for high-frequency trading. On the other hand, he warned that the price of Bitcoin could stagnate for a while before the expected rise.
“While BTC is breaking down, other things are brewing. This SHIB chart looks quite attractive in the long term. I am long on positions above 779.”
After reaching $0.000009 today, Shiba Inu continues the day at $0.0000087.
Bitcoin (BTC) Price Prediction
A cryptocurrency analyst mentioned that the price of Bitcoin may have reached its ceiling for this year. Like many experts have said, the expert seems confident that the current uncertain environment will push the price into a critical range, indicating $25,000.
“I think the market is doing its best to convince us that the current annual highs are the ceiling for a while. Perhaps BTC could experience another fake rally, but if I were you, I would soften the excessive bullish trend and plan for purchases on a yearly, not monthly, time frame.”
According to the analyst, the price of Bitcoin will experience a significant downward break from its current level before returning to $40,000. Many experts say that if the levels of $28,800 and $28,300 are lost, the targets of $27,500 and $26,000 will come into play.
Now let’s briefly look at what will happen in the next few months:
- The Fed will make another 25bp interest rate hike.
- Unemployment may slow down its decline due to the increase in energy costs, which could slow down inflation. This slowdown may require further tightening as the weak base effect also fades.
- CZ made statements about Tether during the week, and concerns are growing about the growing FUD in the coming days.
- Trading volumes have been declining for months.
- Liquidity in order books has dried up since market makers like Jump Crypto withdrew from exchanges since May.
- The US Department of Justice is expected to file a lawsuit against Binance soon.
- The Genesis bankruptcy process has not yet been resolved.
- The SEC managed to make a decision contrary to the Ripple decision in the Terra case.
Considering all of this, the short and medium-term outlook is not very appetizing.
