Binance Traders Are Betting Against Bitcoin
A bunch of big-time traders on Binance, a popular crypto exchange, are betting that Bitcoin is going to drop in price. This is despite Bitcoin recently bouncing back above $60,000.
These traders think the recent rise was just a temporary blip, and Bitcoin is still on a downward trend. They’re even saying that if Bitcoin breaks below a key support level of $58,100, it could plummet to $55,000.
Analysts Weigh In
One analyst, Ali Martinez, says Bitcoin has been in a downward trend since June. He points to a specific indicator that suggests Bitcoin is still in trouble.
Another analyst, Jelle, says Bitcoin needs to break above $65,000 to really turn things around. But with all the uncertainty around interest rates and the upcoming US elections, that seems unlikely right now.
The Big Picture
September is historically a bad month for Bitcoin, so things might not get any better soon. Some investors are waiting until October to jump back into the market.
Could Bitcoin Crash to $15,000?
One famous economist, Peter Schiff, thinks Bitcoin could drop all the way down to $15,000. He sees a pattern on Bitcoin’s chart that suggests a big crash is coming. He’s not a fan of Bitcoin and thinks gold is a much better investment.
What’s Next for Bitcoin?
It’s still too early to say for sure what will happen to Bitcoin. But with so many people betting against it, things could get pretty volatile in the coming weeks.
