👀👀Binance Backed Altcoin Drops the Most of the Day: Whales May Sell! 👀👀
There are many factors behind the decline in Bitcoin price. Economist Alex Krüger said that Bitcoin's fall below 60 thousand dollars is due to the German government and Mt. He stated that this was due to sales pressure resulting from Gox refunds. Predicting that this selling pressure will continue in the coming months, Krüger stated that there are important catalysts that could cause Bitcoin to rise again towards the end of the year.
These bullish catalysts that Krüger predicts include: a soft landing, the Fed starting to cut interest rates, the reemergence of the crypto-macro correlation, the improved regulatory outlook for crypto with Trump's victory, and FTX creditors' payouts. According to the analyst, FTX creditors are owed approximately $14-16 billion, which could provide a major boost to Bitcoin and altcoins if reinvested in the cryptocurrency market.
Krüger analyzed Bitcoin's chart and said that he thought BTC would consolidate at $50,000 for a while. Technically, Krüger stated that BTC is likely to be traded at $50,000 levels, and Mt. He stated that in case of excessive selling pressure caused by Gox, he followed the levels of 48 thousand - 49 thousand dollars. On the upside, he stated that the 200-day moving average is $58,500 and a return to this level is likely.
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