According to Bitwise’s Europe head
According to Bitwise’s Europe head of research, who has been consistently optimistic about bitcoin (BTC), there might be deeper losses in the upcoming weeks due to last week’s 8% dip. The leading cryptocurrency, BTC, experienced its largest percentage drop since August, falling 8.8% to around $95,000, as reported by CoinDesk Indices and TradingView data.
This occurred amidst the Federal
This occurred amidst the Federal Reserve signaling fewer rate cuts for next year while emphasizing their prohibition against holding BTC and lack of interest in changing the law to allow them to hold it. Additionally, the so-called hawkish rate projections negatively affected sentiment in traditional markets, resulting in a 2% decline in the S&P 500 and a 0.8% increase in the dollar index, which reached its highest level since October 2022.
The yield on the 10-year
The yield on the 10-year Treasury note also rose by 14 basis points, breaking out bullishly from a technical pattern. These factors might lead to a prolonged period of risk-off mood, according to Dragosch. However, he believes that the current situation presents an intriguing buying opportunity due to the ongoing supply scarcity of BTC, which he considers a major long-term bullish factor.
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