Price Action
Bitcoin is trending down, slipping from its all-time highs. Bears are gaining momentum, with the coin dropping 10% from its March 2024 peak.
Analyst’s Prediction
An analyst believes the current consolidation will persist for two more months. They note that after the 2020 Halving, Bitcoin traded sideways for 150 days, suggesting a similar pattern this time.
Hedge Funds and Whales
Crypto hedge funds are reducing their Bitcoin exposure, indicating a loss of confidence. Additionally, there has been an increase in OTC desk inflows, suggesting that miners or large institutions are selling BTC off-exchange.
Technical Indicators
Bitcoin is currently trading below the lower Bollinger Band, indicating strong selling pressure. The divergence between the middle and lower bands points to rising volatility, favoring sellers.
