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June 18, 2024
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Bitcoin Price Today: Will BTC Price Consolidate or Drop Below $25K in Coming Days?

The post Bitcoin Price Today: Will BTC Price Consolidate or Drop Below $25K in Coming Days? appeared first on Coinpedia Fintech News

Bitcoin price faced a bearish outlook on Tuesday as traders eagerly awaited the federal funds rate and FOMC statements. The decline in Bitcoin’s price from trading above $29k coincided with the downfall of another United States bank, First Republic Bank. JPMorgan took over First Republic’s deposits and a significant amount of its assets and certain liabilities under federal oversight.

Struggling Banking Industry

The fall of yet another US bank after Silicon Valley Bank and Signature Bank is a clear indication that the banking industry is struggling to compete with Web3 innovations. Additionally, more investors are putting their money into digital assets with the hopes of fighting against high global inflation.

Two Plausible Scenarios for Bitcoin

According to Jason Pizzino, a popular macroeconomist and crypto trader, Bitcoin price is in the early stages of a bull market. Pizzino noted that bad news no longer contributes to significant market capitulation as previously observed, which indicates two plausible scenarios for Bitcoin. The first scenario is a retest on prior support, and the second is consolidation before the bull market continues.

“We Still Have Plenty of Pretty Solid Support Levels Beneath Us”

Pizzino stated, “We still have plenty of pretty solid support levels beneath us even if this market does continue to fall. Nonetheless, the wall of worry means we are going to see more bad news come out, and the markets most likely not react as strongly as all the previous times as it has done in the market, and that is the first sign of the first stage of a bull market.”

Bearish Midterm Scenario

On the other hand, Pizzino believes a downside toward $24k is a balanced correction, but traders should be wary of consolidation at these levels as it could be a sign of a bearish midterm scenario.

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