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Cryptocurrency markets have not yet started the expected rise despite reaching the end of August. Following the last test of $65,000, investors are worried about deeper lows. A popular analyst further dampened spirits with a short-term scenario. So, what can we expect when we look at the glass half empty?
Cryptocurrencies Will Fall
Despite many reasons for a rise, cryptocurrencies still haven’t given investors what they want. On the other hand, a popular cryptocurrency analyst recently made a morale-dampening prediction for the markets. Known by the pseudonym Credible Crypto, the crypto commentator expects a decline. Although it has risen about 40% from the bottom, profit-taking is setting a barrier to larger peaks.
Credible Crypto said, “Binance wants blood” and wrote:
“Since our local peak, Coinbase spot buyers have started buying again, but Binance spot buyers are selling twice as much. Open positions in futures are quite high, and there is a lot of liquidity below.”
He also highlighted the interest in futures on Binance, the largest global exchange by spot market volume.
“If we lose $59,000 cleanly, I think we will return to the mid-$50,000s, if not lower.”
If his scenario materializes, we could see altcoins, which have not yet recovered to the desired extent, experiencing deeper lows.
BTC Price Predictions
An analyst known as Crypto Chase is still among those looking at the glass half full. According to him, the bulls still have a chance to return. This may also be related to the markets, which have been developing in favor of the bears for months, offering them very easy profit opportunities. We have always seen in history that sellers who see every peak as a short-selling opportunity are caught off guard by a strong upward move at some point.
QCP Capital says that the United States’ financial policy has already started pricing in the interest rate cuts that will begin in September. Despite this, even though BTC sees steady inflows through the ETF channel, profit-taking from Binance users is making things difficult.
BTC will react to interest rate cuts after four years, and we will see how the November elections will affect the markets. However, under normal circumstances, the last quarter should pass with a rise according to this schedule.
