Top Trader Gives Scary Prediction as Price Drops

Cryptocurrency prices declined following the Federal Reserve’s June meeting, and Bitcoin lost its key price level of $25,000. In today’s trading, Bitcoin tumbled as low as $24,750 as its price dropped below $25K for the first time since March.

At the time of writing, BTC was down 3.77% in the last 24 hours to $25,000.
 
The declines began shortly after the Federal Reserve’s June meeting ended, when it was announced that interest rates would remain constant for the time being but that two more increases were anticipated later this year.

This week, price movement was muted and sentiment was unfavorable as a result of the Securities and Exchange Commission’s (SEC) lawsuit against the two largest cryptocurrency exchanges, Coinbase and Binance, which further froze the market.

As uncertainty remains on the market, veteran trader Peter Brandt issues a warning on Bitcoin’s price. In a new tweet, Brandt stated that Bitcoin might be on the downside for now. The “now” here might refer to the short or intermediate term; however, the context remains unknown.

Hinged to downside for now. https://t.co/cn9o2PHlvN pic.twitter.com/xItTCyAVmc

— Peter Brandt (@PeterLBrandt) June 14, 2023

As reported, Brandt spotted price equilibrium for Bitcoin, which he refers to as “hinge” behavior. This might suggest Bitcoin was ready to make the next move, whether to the upside or downside.

In a sequel to his tweet, Brandt makes known the possibility of a downward trend for BTC, saying, “Hinged to downside for now.”

Meanwhile, Bitcoin’s share of total crypto market value, or BTC dominance, is the highest in about 20 months, a sign of the cautious mood in digital assets.

On-chain analytics firm Glassnode reported that Bitcoin dominance continues to climb to a current value of 47.6%, which marks a year-to-date increase of 7.6%.

Glassnode says this might suggest a persistent rotation of capital from altcoins to major assets as capital begins to concentrate on the most liquid crypto assets.