Bitcoin (BTC) has increasingly become the focus of worldwide investors with its recent price drop. Several large investors may be sitting back and waiting with capital for investment in BTC when it reaches a new low.
However, in fact, nobody really understands when the bottom will be reached. Billionaire investor Mark Mobius has predicted that Bitcoin’s bottom is about to be reached.
In the latest Bloomberg interview, Mobius asserted that
“Bitcoin traders are still discussing purchasing at declines, which indicates a positivity. This also implies how we have not settled at the lows of the market crash.”
Bitcoin has frequently been connected with US stock indexes, particularly the Nasdaq 100. Nevertheless, since the beginning of May, Bitcoin and the entire crypto market have been recovering quicker than US stocks.
Bitcoin Price Action Indicates Stock Market Drop
Mobius, surprisingly, indicated that Bitcoin will be the primary signal of when the stock market will drop. He advises equities traders to shift their focus to cryptocurrencies. He believes Cryptocurrencies are being used to analyze investor confidence. The Nasdaq Composite falls the next day after Bitcoin falls. That is the layout you will obtain. This demonstrates that Bitcoin is a big driver.
Market Crash Keeps Bitcoin Miners On The Go
Bitcoin miners were some of the most active sellers throughout this global recession. As the price of bitcoin fell below $20,000, miners transferred more bitcoin to fund operational costs.
Furthermore, CryptoQuant CEO Ki-Young Ju notes that multiple indications are indicating a decline. He believes that building a large short position in Bitcoin during this time is not sensible. Instead, Bitcoin might be in for an extended consolidation phase.
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Source: https://coinpedia.org/bitcoin/this-is-why-bitcoin-btc-price-will-see-more-downside-in-the-coming-days/