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Bitcoin Price At Risk Of Major Pullback; Banking Crisis Not Helping BTC?

2y ago
bullish:

3

bearish:

0

BTC Price Prediction bitcoin News price crypto

Bitcoin News: Bitcoin (BTC), the worldā€™s largest digital asset is on an upward run amid the ongoing banking collapse. Bitcoin price recorded a surge of 20% over the last 30 days to regain the vital $28K level. However, an analysis of Tetherā€™s (USDT) market behavior suggests that the BTC price might be at risk of a major pullback.

Bitcoin Price On The Edge?

According to Doctor Profit, a crypto market analyst implied that the more the Tether prints USDT more it will impact Bitcoin price. He highlighted that in the period when USDTā€™s market cap touched its all time high (ATH) of $83.5 billion, BTC price went on to dump from $40K to $20K straight.

However, USDTā€™s market cap now stands at $79 billion while Bitcoin is hovering around $28K. The analyst added as long as Tetherā€™s printing continues, more BTC price will pump. Once this process halts, Bitcoin will witness a healthy accumulation as it happened when the largest crypto was trading between $19K-$21K region about two months ago.

Analyst stated that Bitcoin price jump from $16k to $21k was a kind of a healthy pump and the rest is just a trap. He added that the recent pump was not a reaction of people fleeing banks and buying more BTC. Read More Bitcoin News Hereā€¦

Also Read: Bitcoin (BTC) Liquidity Hits 10-Month Low, Expect More Volatility Ahead

The post Bitcoin Price At Risk Of Major Pullback; Banking Crisis Not Helping BTC? appeared first on CoinGape.

2y ago
bullish:

3

bearish:

0

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