End of boring market!
After a noticeable lull, Bitcoin (BTC) is on the move again. For several weeks, the cryptocurrency remained steady, but now it has stepped out of this calm patch.
I already anticipated that Bitcoin's price would drop, and it did. The bearish shift I foresaw has materialized and will likely continue until the end of the year.
Why the Drop?
Two major events seem to be pushing Bitcoin's price down:
SpaceX Sells Off: Elon Musk's company, SpaceX, has reportedly sold its stash of Bitcoin. This move has caused some worry in the market.
Trouble with China's Evergrande: A big company in China, Evergrande, is facing money troubles. This gets tricky for Bitcoin because a digital coin called Tether is connected to Evergrande. If Evergrande struggles, Tether and Bitcoin might feel it too.
Short-Term Outlook
Right now, Bitcoin's price is very low. Looking at past patterns, I think it might go up a bit soon, reaching somewhere between 27k-28k. However, this year might have already seen its highest price for Bitcoin.
Macro news
There's not much big news about money and markets this week. Some people from the U.S. Federal Reserve will be speaking, but their words might not shake things up too much.
In summary, Bitcoin's price is finally shifting. I’m expecting more downside, potentially even 20k in the near future.