📉 Analysts Suggest Bitcoin Might Face Significant Pressure – Here's Why

In the last 24 hours, Bitcoin has continued its decline, with an increasing bearish sentiment among analysts, including former hedge fund manager, Jim Cramer. As of now, Bitcoin is trading around $26,700.

Jim Cramer joined the growing group of bearish analysts on Tuesday, October 10, 2023, expressing concerns that Bitcoin could experience a major downturn. According to CoinDesk, traders earlier this week indicated that they anticipate risk assets like Bitcoin and technology stocks to slide further, due to escalating tensions between Hamas and Israel. This has sparked concerns about global instability and a shift to safer assets.

While Bitcoin faces a bearish outlook, Ethereum (ETH) has shown signs of stability, hovering around $1,500. However, it started declining on Monday after the influential Ethereum Foundation sold $2.7 million worth of ETH for stablecoins. Other tokens, such as XRP, BNB, and BNB Chain, have also declined by 0.4%, while Solana (SOL) is down by 1.4%.

The only winner among the major cryptocurrencies is Chainlink's LINK Coin, which has gained 2.2%. Researchers believe it might be the safest bet to profit from the growing trend of real-world asset tokenization (RWA). 📈 #bitcoin #ETH #tokenomics