🗣Four Countries May Crash Bitcoin Price in September
According to experts from Kaiko, the governments of the US, China, the UK, and Ukraine might start selling their Bitcoin reserves in September, potentially pushing the price down to $53,000.
The Bitcoin holdings of these countries are estimated at:
Additionally, MtGox creditors could become another source of selling pressure. Analysts Adam Morgan McCarthy and Dessislava Aubert from Kaiko noted that fears of sell orders, combined with low market liquidity, could drive further volatility in Bitcoin’s price.
Bitcoin has already dropped by 8% since early August, despite a net inflow of funds into spot Bitcoin ETFs, while global stock and bond indices have risen by 2%.
🗣China Declares Crypto Transactions as Money Laundering
China’s top judicial bodies have classified cryptocurrency transactions as illegal and a form of money laundering. Large-scale offenses may lead to severe penalties, including prison sentences and heavy fines, as part of China’s crackdown on illegal financial activities.
🗣ANALYSIS BTC/USDT Bitcoin has recently broken below the horizontal demand zone of a descending triangle pattern, signaling a potential shift in market sentiment. It is currently in the process of retesting the lower boundary of the triangle.
If the retest of the triangle's boundary confirms this bearish bias, we could see a continuation of the decline, potentially leading to a significant drop in price.
Analysts at QCP Capital noted that a drop in U.S. inflation, with the Consumer Price Index (CPI) at 2.9% in July 2024, boosted risky assets like Bitcoin, which rose above $61,200. The CPI decline signals potential Federal Reserve interest rate cuts, supporting market recovery.