{"id":544570,"date":"2023-07-27T11:00:54","date_gmt":"2023-07-27T11:00:54","guid":{"rendered":"https:\/\/ktsl888.com\/?p=544570"},"modified":"2024-06-11T08:13:58","modified_gmt":"2024-06-11T08:13:58","slug":"crypto-analyst-predicts-bitcoin-to-drop-by-20-in-coming-weeks","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/crypto-analyst-predicts-bitcoin-to-drop-by-20-in-coming-weeks\/","title":{"rendered":"Crypto Analyst Predicts Bitcoin To Drop By 20% In Coming Weeks"},"content":{"rendered":"

Bitcoin (BTC) has shown much resilience in the wake of the US Federal Reserve announcing a 25 basis points hike in the Federal Funds Rate (FFR) on Wednesday.<\/span><\/p>\n

Based on data from CoinMarketCap<\/a>, the premier cryptocurrency is up by 0.78% in the last 24 hours, with the majority of the market also posting notable gains. However, a crypto analyst has predicted a significant bearish trend for the market leader.<\/span><\/p>\n

Incoming Dip For Bitcoin?\u00a0<\/span><\/h2>\n

According to a technical report<\/a> on July 27 by an analyst with the Twitter handle @CryptoFaibik, BTC is likely to plummet in value by 15-20% in the coming weeks.\u00a0<\/span><\/p>\n

Related Reading: FOMC Delivers Expected 0.25% Rate Hike, Bitcoin Holds Steady Above $29,000<\/a><\/p>\n

However, the analyst noted that Bitcoin could first hit the $32,000 mark, indicating an imminent potential 8.6% gain on the token\u2019s current market price.<\/span><\/p>\n

\n

I think $BTC<\/a> will hit 32k first, and then We may Witness a 15-20% Correction in the Coming Weeks.<\/p>\n

Share Your Thoughts \ud83d\udcad#Crypto<\/a> #Bitcoin<\/a> #BTC<\/a> pic.twitter.com\/Qni4cCBxLX<\/a><\/p>\n

\u2014 Captain Faibik (@CryptoFaibik) July 27, 2023<\/a><\/p><\/blockquote>\n

Following @CryptoFaibik’s predictions, BTC is then expected to fall to around $25,000, with a breakout below its current ascending channel, as seen on the daily chart.\u00a0<\/span><\/p>\n

While this might be an interesting projection, it is worth stating that there were no specific reasons backing this bearish outlook.\u00a0<\/span>In fact, there has been a positive sentiment surrounding Bitcoin in the last few weeks. <\/span><\/p>\n

Besides its recent positive performance in the face of the Fed rate hike, the market leader appears to be poised for an increase in institutional demand.<\/span><\/p>\n

Currently, prominent asset managers have filed applications with the United States Securities and Exchange Commission(SEC) seeking approval to launch the first Spot Bitcoin ETF in the United States<\/span><\/p>\n

On July 20, Bitcoin research firm NYDIG reported<\/a> that the approval of these ETF applications could result in $30 billion in new demand for Bitcoin.\u00a0<\/span><\/p>\n

The report stated this prediction is based on several factors, including the brand recognition that asset managers such as BlackRock offer, alongside the popular understanding of the regular trading methods of securities brokers.\u00a0<\/span><\/p>\n

\"Bitcoin\"<\/span><\/p>\n

BTC Trading At $29480 On The Daily Chart | Source: BTCUSD Chart On Tradingview.com<\/a><\/span><\/pre>\n
Bitcoin Marks Highest Social Dominance In Two Weeks<\/span><\/h2>\n
In other news, Bitcoin’s resilience amidst the increased Federal Funding Rate has garnered much attention among investors, with the token\u2019s social dominance recording a significant boost.<\/span><\/p>\n
According to data by on-chain analytics company, Santiment,<\/a> Bitcoin now accounts for one-third of all discussions surrounding the top 100 crypto assets. Its social dominance stands at 33.33%, the highest it has been in the last two weeks.\u00a0<\/span><\/p>\n
Related Reading: Bitcoin Pre-Halving Patterns Suggest Bull Market Is Not Starting In 2023<\/a><\/p>\n
Santiment further highlighted that an increased social dominance indicated fear which means a price rise is likely on the horizon.\u00a0<\/span><\/p>\n
At the time of writing, Bitcoin is trading at $29,406.94, with a 0.16% decline in the last hour. Meanwhile, its daily trading volume has surged by 20.46% and is valued at $12.97 billion. With a market cap of $571.05 billion, Bitcoin ranks as the largest cryptocurrency in the market.<\/span><\/p>\n
Featured Image From Shutterstock, Chart From Tradingview.<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin (BTC) has shown much resilience in the wake of the US Federal Reserve announcing a 25 basis points hike in the Federal Funds Rate (FFR) on Wednesday. Based on data from CoinMarketCap, the premier cryptocurrency is up by 0.78% in the last 24 hours, with the majority of the market also posting notable gains. However, a crypto analyst has predicted a significant bearish trend for the market leader. Incoming Dip For Bitcoin?\u00a0 According to a technical report on July 27 by an analyst with the Twitter handle @CryptoFaibik, BTC is likely to plummet in value by 15-20% in the coming weeks.\u00a0 Related Reading: FOMC Delivers Expected 0.25% Rate Hike, Bitcoin Holds Steady Above $29,000 However, the analyst noted that Bitcoin could first hit the $32,000 mark, indicating an imminent potential 8.6% gain on the token\u2019s current market price. I think $BTC will hit 32k first, and then We may Witness a 15-20% Correction in the Coming Weeks. Share Your Thoughts \ud83d\udcad#Crypto #Bitcoin #BTC pic.twitter.com\/Qni4cCBxLX \u2014 Captain Faibik (@CryptoFaibik) July 27, 2023 Following @CryptoFaibik’s predictions, BTC is then expected to fall to around $25,000, with a breakout below its current ascending channel, as seen on the daily chart.\u00a0 While this might be an interesting projection, it is worth stating that there were no specific reasons backing this bearish outlook.\u00a0In fact, there has been a positive sentiment surrounding Bitcoin in the last few weeks. Besides its recent positive performance in the face of the Fed rate hike, the market leader appears to be poised for an increase in institutional demand. Currently, prominent asset managers have filed applications with the United States Securities and Exchange Commission(SEC) seeking approval to launch the first Spot Bitcoin ETF in the United States On July 20, Bitcoin research firm NYDIG reported that the approval of these ETF applications could result in $30 billion in new demand for Bitcoin.\u00a0 The report stated this prediction is based on several factors, including the brand recognition that asset managers such as BlackRock offer, alongside the popular understanding of the regular trading methods of securities brokers.\u00a0 BTC Trading At $29480 On The Daily Chart | Source: BTCUSD Chart On Tradingview.com Bitcoin Marks Highest Social Dominance In Two Weeks In other news, Bitcoin’s resilience amidst the increased Federal Funding Rate has garnered much attention among investors, with the token\u2019s social dominance recording a significant boost. According to data by on-chain analytics company, Santiment, Bitcoin now accounts for one-third of all discussions surrounding the top 100 crypto assets. Its social dominance stands at 33.33%, the highest it has been in the last two weeks.\u00a0 Related Reading: Bitcoin Pre-Halving Patterns Suggest Bull Market Is Not Starting In 2023 Santiment further highlighted that an increased social dominance indicated fear which means a price rise is likely on the horizon.\u00a0 At the time of writing, Bitcoin is trading at $29,406.94, with a 0.16% decline in the last hour. Meanwhile, its daily trading volume has surged by 20.46% and is valued at $12.97 billion. With a market cap of $571.05 billion, Bitcoin ranks as the largest cryptocurrency in the market. Featured Image From Shutterstock, Chart From Tradingview.<\/p>\n","protected":false},"author":581,"featured_media":544581,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[343,428,87947,1119,26263,57231],"class_list":["post-544570","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bearish-market","tag-bitcoin","tag-bitcoin-social-dominance","tag-btc","tag-crypto-analyst","tag-santiment"],"acf":[],"yoast_head":"\nCrypto Analyst Predicts Bitcoin To Drop By 20% In Coming Weeks<\/title>\n<meta name=\"description\" content=\"While Bitcoin holds steady post-Fed rate hike, a crypto analyst is predicting a 20% loss in the forthcoming weeks.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency. Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems. In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others. In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies. Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a \u201cmusic nomad\u201d always ready to listen to new artists and explore new trends. Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination. He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society. In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come. His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry. Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.","sameAs":["https:\/\/www.linkedin.com\/in\/semilore-faleti-7a9046218","https:\/\/x.com\/https:\/\/twitter.com\/SemiloreFaleti"],"url":"https:\/\/ktsl888.com\/author\/semilorefaleti\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Crypto Analyst Predicts Bitcoin To Drop By 20% In Coming Weeks","url":"http:\/\/ktsl888.com\/news\/crypto-analyst-predicts-bitcoin-to-drop-by-20-in-coming-weeks\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/crypto-analyst-predicts-bitcoin-to-drop-by-20-in-coming-weeks\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/07\/29-sep-3.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/07\/29-sep-3.jpg?fit=1920%2C1200"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Semilore Faleti"}],"creator":["Semilore Faleti"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bearish market","bitcoin","bitcoin social dominance","btc","crypto analyst","santiment"],"dateCreated":"2023-07-27T11:00:54Z","datePublished":"2023-07-27T11:00:54Z","dateModified":"2024-06-11T08:13:58Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Crypto Analyst Predicts Bitcoin To Drop By 20% In Coming Weeks\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/crypto-analyst-predicts-bitcoin-to-drop-by-20-in-coming-weeks\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/crypto-analyst-predicts-bitcoin-to-drop-by-20-in-coming-weeks\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/29-sep-3.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/29-sep-3.jpg?fit=1920%2C1200\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Semilore Faleti\"}],\"creator\":[\"Semilore Faleti\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bearish market\",\"bitcoin\",\"bitcoin social dominance\",\"btc\",\"crypto analyst\",\"santiment\"],\"dateCreated\":\"2023-07-27T11:00:54Z\",\"datePublished\":\"2023-07-27T11:00:54Z\",\"dateModified\":\"2024-06-11T08:13:58Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/07\/29-sep-3.jpg?fit=1920%2C1200","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/544570"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/581"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=544570"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/544570\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/544581"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=544570"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=544570"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=544570"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}