Bitcoin To Retest $85,000 Mark In Coming Days – Here’s Why
The Mysterious Bitcoin Rollercoaster
Hey there, crypto enthusiasts! Buckle up because Bitcoin (BTC) is gearing up for another wild ride! Our friendly neighborhood market analyst, KillaXBT, just made a bold prediction: brace yourself for a possible correction ahead. Yup, that’s right! You might find your beloved Bitcoin hitting a bit of a speed bump soon.
The 14th Pivot Saga
On December 12, KillaXBT dropped a post with some juicy insights. According to him, Bitcoin has a habit of taking a nosedive—about 8%—around the 14th day of the month, and he suspects that history might just repeat itself. He’s dubbed this phenomenon the “14th Pivot.” Exciting, huh? Since crypto has hit a bottom of $80,000 last month, it’s been on an upward journey, creating what looks like an elegant ascending channel. But hold your horses! KillaXBT warns that this channel might just be about to snap.
What Should We Expect?
So, what’s in store for Bitcoin? Well, if KillaXBT’s predictions hold water, we might be looking at a 5% price drop post-December 14—think around $85,000 to $86,000 in the re-testing zone. While that sounds scary, keep in mind that the overall market structure still looks quite bullish. It’s basically a quick pit stop, not the end of the road… at least for now.
The Bearish Prophecies Continue
But wait, there’s more! In yet another dazzling revelation, KillaXBT shared his gloomy forecast predicting that Bitcoin might hit a low of $48,905, despite the recent uptick in prices. Why the doom and gloom, you ask? Apparently, this shaky bottom guess correlates with Bitcoin’s price at the time of the BlackRock IBIT ETF approval, set for January 2024. Institutional money has been pouring in recently, and KillaXBT speculates that this bullish wave might just be a mirage.
Institutional Inflows: The Game-Changer
Speaking of institutions, the Bitcoin Spot ETFs have been pivotal in these capital flows, boasting a jaw-dropping total net asset value of $119.18 billion! That’s a lot of cheddar! The BlackRock IBIT is pretty much the kingpin here, sitting comfortably on $71.03 billion in net assets. So what happens if Bitcoin slides back to pre-ETF approval levels? We might be staring down a grim 46% decline from current prices. Yikes!
Keep Your Eyes Peeled
At the time of writing, Bitcoin is hanging around the $90,348 mark with a little 2.18% decline. Make sure to keep your eyes peeled, folks—this crypto situation is like a thrilling rollercoaster, and we never know when the next twist might come!