Is There No Bitcoin Recovery in the Near Future? Net losses hit $698 million dollars in the first quarter
The Bitcoin (BTC) price once again fell below the $30k threshold. The price of Bitcoin (BTC) recently crossed the $32K mark. It was dubbed a “bear fakeout” by experts, who warned people not to fall for it. In the meantime, experts have predicted that the bear market will persist.
The Fed’s rate rises have a devastating effect on the BTC
The global bitcoin market had a terrible month in December. In May, the price of the world’s most popular cryptocurrency, Bitcoin, fell by over 30 percent. BTC’s market share has dwindled to 46%. Bitcoin, according to Bloomberg Intelligence’s senior commodity strategist Mike Mcglone, has reached a tipping point. As a result, the token has reached a point where the curve may alter, leading to an upward or downward slope.
At the beginning of June, he mentioned that the Federal Reserve’s fight against inflation was a major barrier for the Bitcoin and digital asset market. According to sources, the Federal Reserve intends to sustain the monetary police’s hardening. “Market pricing for 50 basis points potentially in June and July” is what Lael Brainard, vice chair of the Federal Reserve, indicated based on the data. Over the past 24 hours, the price of Bitcoin has fallen by more than 2%.
Additionally, Brainard predicted that the Federal Reserve will boost interest rates. There will be an increase, but it will be less than predicted Inflation in the United States is at its highest point in the last four decades.
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The price of Bitcoin could fall even further.
Bitcoin’s downward trend may continue, according to a specialist in the field of cryptography. He noted that the market could remain in this range for a while before eventually falling. He predicted that Bitcoin’s price would fall to between $22K and $24K in the near future. However, before plummeting, it will remain in the price support area.
At the time of this writing, the average price of one bitcoin was $29,700. According to Glassnode, Bitcoin has lost roughly $1.3 billion. However, $698 million is the net outflow. A 2% decline has been recorded in today’s worldwide crypto market as well. It currently stands at $1.23 trillion in value.
