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Bitcoin Price Dips Amid $350M Bids: What’s Next for BTC?

Bitcoin Price Dips Amid $350M Bids: What’s Next for BTC?

Numerous analysts have examined Bitcoin (BTC), offering their perspectives on its present state and possible future trends. Crypto analysts have also forecasted one more correction. On the other hand, bids totaling more than $350 million have been made by market participants for Bitcoin prices below $61,000. 

Significant Bids Are Recorded for Bitcoin’s Downside 

Renowned cryptocurrency expert Daan Crypto Trader noted noteworthy bids between $59,000 and $60,000 in a post on X. The sum of these bids was $350 million. “Some big bids appeared between $59 and $60K,” he said. This makes sense regarding price level because it is also in the bottom range. 

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In addition, he said he was curious about how the liquidity component would work if the price of Bitcoin fell to that degree. These bids show purchasing interest in this range, which may result in more price stability or upward momentum. Consistent buying interest at those levels may bolster investor confidence. 

However, the expert added that these bids could be canceled at any time, making it impossible for Bitcoin to leverage the liquidity. Another cryptocurrency researcher, Michaël van de Poppe, stressed the significance of Bitcoin maintaining its current position. “#Bitcoin is at the range low,” he said. Technically, you would want to see it hold in this region so the range holds and the upward momentum persists. 

Furthermore, he emphasized that if the price of Bitcoin breaks lower, we could observe a possible correction in the $52,000 to $55,000 zone. Analyst Caleb Franzen expressed a similar opinion, pointing to a possible retest of support levels. He mentioned, “Bitcoin has been rejected on the H4 200 moving average cloud. Another retest is on the way.”

“I predicted yesterday that there would probably be a drop to the May 1st AVWAP range, and that’s precisely where the price dropped last night,” he continued. It falls between $60,140 and $60,800. Furthermore, he cautioned against the possibility of a further drop if the price of Bitcoin fell below $59,000 once more in a different piece. 

Furthermore, Bitcoin saw significantly extended liquidations, which might have accelerated the latest collapse. Data from Coinglass indicates that long BTC liquidations accounted for $24.80 million, which heightened sell pressure. Conversely, a $9.14 million liquidation was caused by short sellers. 

Forbes Report Highlights Optimistic Forecast 

Despite the facts above, a Forbes report revealed a bright future for Bitcoin. The report highlighted BTC’s nearly 50% year-to-date price surge and potential for further growth. Geoff Kendrick, head of FX and cryptocurrency research at Standard Chartered, made a prediction in the piece, forecasting significant growth in the price of Bitcoin to $200,000 by 2025.

Moreover, Kendrick highlighted the connection between the Federal Reserve’s debt monetization and the growing risk of U.S. fiscal dominance. Subsequently, he emphasized the potential repercussions. Additionally, he underscored the impact on digital assets. In essence, this scenario could bolster interest in alternative investments.

Furthermore, Kendrick hypothesised on the impact of a second Donald Trump administration. He stated that it might favor BTC through lighter regulation and the approval of U.S. Spot Bitcoin ETFs. Should these circumstances align in favor of Bitcoin, it has the potential to reach a massive $4 trillion market capitalization.

Kendrick remarked, “In addition to the passive boost to Bitcoin from de-dollarization, we would expect a second Trump administration to be actively supportive of Bitcoin (and digital assets more broadly) via looser regulation and the approval of U.S. Spot ETFs.” At press time, the Bitcoin price was down by 1.98% to $61,001.08 on Thursday, May 9.

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