No sooner than the crypto space was experiencing relief, yet another turbulence struck the markets. It was speculated for quite a long time that the ripple effects of the FTX fallout may carry for a long time ahead and as Genesis is facing maximum exposure, may file for bankruptcy. However, the top lending firm is said to file for chapter 11 bankruptcy soon which is expected to have a larger impact on the Bitcoin price.
Despite the market turning extremely bullish since the past weekend, some were still bearish and believed the BTC price could find the bottoms for the 2022 bear market very soon. Moreover, with the latest pullback, some of the analysts who earlier predicted the revival of a bullish trend referring to the upswing ignited in April 2019, have changed their perspective towards the token.
A popular analyst, RookieXBT had predicted that the BTC price is at the foothill of a massive explosion. But the fresh bearish clouds hovering over the markets compelled him to flip the predictions which now mark the lows around $15,000, probably due to Genesis.
“would take another unexpected black swan tbh
Genesis probably file ch11 but i reckon it’s priced in at this point and any dips are for buying
If i’m wrong, not the first time and won’t be the last time,”
Whales Shorting Bitcoin on Binance
With the growing speculation of the bearish market trend, the traders appear to be confident about the impending BTC price fallout. Due to this, the Whales appear to be preparing to make huge profits by shorting Bitcoin. A popular analyst, Micheal van de Poppe, says that the markets may probably go more downside as the Whales are buying huge BUSD to fill the shorts on Binance.
No doubt, the short liquidations may propel the price higher, but until the stop loss is triggered, the price is believed to drop heavily towards the bottom. If the speculations are spot on, then it could the last nail in the coffin. Therefore, in this scenario, Bitcoin’s (BTC) price may slide down to form fresh bottoms for the year 2023.
Source: https://coinpedia.org/price-analysis/crypto-market-analysis-with-the-genesis-preparing-for-bankruptcy-this-could-be-the-possible-impact-on-bitcoin-price/