Bitcoin price has been facing constant rejection at $17,000 and finely dropped heavily to hover around $16,500 in the past few days. While the possibility of a bullish close has evaporated to some extent, the upcoming days may also not offer any relief for the crypto space.
The markets have been a victim of constant negative events that compelled BTC prices to test new lows. However, before the bearish markets wind up completely, here’s when the last leg could be pulled down to mark the bottoms of the bear market.
The FTX-contagion has been spreading! Undoubtedly, the impact has not surfaced as of now but is expected to intensify very soon. The top exposed platforms of FTX collapse were BlockFi and Genesis. Now that BlockFi has filed for bankruptcy, the next could be Genesis which is speculated to file somewhere in January.
As per a popular analyst, Bob Loukas, Genesis may file bankruptcy protection in early January which may be the catalyst for the Bitcoin bear market lows.
The analyst here believes that the BTC price has completely decoupled, while the DCG & Genesis issues are yet to be resolved. Hence, before the 4-year cycle ends, the ‘cleansing’ may happen. Further, he says that the institutions are responsible for the bearish market trends which are prevailed for a long. He also suggested keeping stacking while these institutions continue to liquidate.
“I see major confluence in the Cycles. Day 50 here of a 60-day cycle. The Weekly Cycle is due a low, as of course is the 4-yr Cycle. I’m looking to add my final tranche early Jan, essentially completing buying back bitcoin with the proceeds of sales during the bull phase,”
Source: https://coinpedia.org/news/will-genesis-become-the-catalyst-for-the-bitcoin-bear-market-lows/