More Bloodshed To Come: CryptoQuant Predicts Bitcoin Price To Plunge Below $40K
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CryptoQuant has forecasted a severe decline in Bitcoin prices, projecting a drop below $40,000. This bleak outlook follows the Bank of Japan's decision to increase interest rates from 0% to 0.25%, exacerbating fears of a potential U.S. recession. The announcement has caused panic selling in the Bitcoin and broader cryptocurrency markets. Bitcoin's price recently dipped to $49,112 before rebounding to $52,982; however, additional downward pressure is expected.
The concern over U.S. economic conditions and the impact of global interest rate changes is driving market instability. Investors are cautioned to brace for more volatility and potential losses.
CryptoQuant's analysis suggests that these factors will sustain bearish sentiment in the market in the short to medium term. Market participants are advised to monitor the situation closely.
Source: coinpedia.org ↗
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