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#BTC #Alert 🔥
🔺Ex-Grayscale Director Warns Bitcoin Price Crash Το $52000.🔻
Former Grayscale Director Phil Bonello recently offered insights on the Bitcoin price trajectory and he envisions a crash to the $52,000 level.❣️
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 severa
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. 🎀
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.✴️
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.💦
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