๐ Bitcoin Market Update: Key Insights and Warnings
๐น Recent Price Drop:
Bitcoin's price fell over $12,000 in two days, dropping to $96,000 on Dec. 19.
Combined crypto liquidations totaled $900 million within 24 hours.
๐น ETF Outflows:
US spot Bitcoin ETFs witnessed record net outflows of $679 million, signaling shaken confidence among investors.
๐น Analyst Warnings:
BitQuant, a bullish Bitcoin analyst, predicts a deeper bottom, suggesting the recent $90,000 dip is not the low.
Using Elliott Wave theory, projections indicate a possible downside to the mid-$80,000 range.
๐น Whale Support Levels:
Whalemap data highlights significant whale accumulation between $60,000โ$67,000, suggesting this range could serve as a strong support zone.
๐น Macroeconomic Impact:
Changes in US Federal Reserve policy, including a slower pace of rate cuts and rising inflation concerns, have negatively impacted Bitcoin and other risk assets.
๐น Takeaway for Investors:
Long-term HODLers: On-chain data suggests favorable risk-reward below $67,000.
Short-term Traders: Further volatility is expected; targets below $90,000 may be possible.
๐ "Stay vigilant and prepare for opportunities as the market resets!"
