Phil Bonello, former director at Grayscale Investments, has recently stirred the crypto community with a series of predictions and observations regarding the future of Bitcoin (BTC). In addition, he offered insights about the broader crypto market. Moreover, Bonello hinted at a massive correction in the Bitcoin price owing to the recent bearish turn.
Will Bitcoin Price Dip To $52,000?
In a post on X, Bonello outlined several key points, including a potential 20% chance of Bitcoin dropping to $52,000. He cited various factors such as inflation concerns, fiscal spending trends, and the performance of alternative cryptocurrencies. Moreover, Bonello emphasized the growing inflation as a significant concern.
In addition, the ongoing geopolitical tensions and the Yen’s instability is expected to impact the crypto market. He noted that fiscal spending appears to have a clear trajectory, hinting at potential long-term implications for Bitcoin and the crypto market as a whole.
Regarding altcoins, Bonello highlighted their recent significant drops, with many having already plummeted by over 50% and subsequently retesting support levels. Despite weak Bitcoin ETF flows, he expressed confidence in BTC’s resilience in absorbing such movements. Furthermore, the former Grayscale Director foresees a substantial increases in ETF activity as the year progresses.
In addition, Bonello pointed out that open interest in Bitcoin has returned to levels seen when the price was at $50,000, signaling a huge drop. He also noted that various market indicators, such as funding, basis, and skew, currently appear neutral.
Moreover, Michaël van de Poppe, a crypto analyst, offered a bearish outlook on Bitcoin, which is in lign with Bonello’s analysis. Poppe suggested a prolonged period of slow sideways movement for the next 3-6 months. In addition, he hinted at further corrections in the Bitcoin price. Meanwhile he anticipates stronger performance from altcoins.
Also Read: Bitcoin ‘Sell’ Calls on the Rise Amid Trader FUD and Impatience, What’s Next?
BTC Plunges To $62,000 Level
The Bitcoin price lost momentum and extended below the $63,000 mark today. At press time, the BTC price crashed 2.39% to $62,909.50 on Saturday, April 27. Whilst, the crypto boasted a massive market cap of $1.23 trillion.
Amid the decline, the 24-hour trading volume for Bitcoin also plummeted 24.62% to $23.39 billion. Moreover, according to Coinglass, longs expedited the Bitcoin price decline with $34.68 million liquidations. This accounts for a whopping 82% of the $42.19 million total liquidations recorded in the past 24 hours.
Meanwhile, crypto analyst Ali Martinez spotted a recent decrease in Bitcoin whale activity since March 14. It could have also contributed to the bearish trend in Bitcoin’s trajectory. Furthermore, the analyst advised that a surge in whale transactions could potentially ignite a rally in the Bitcoin price.
Also Read: Pro-XRP Lawyer Takes A Dig At Bitcoin, Calls It Overhyped
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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