Bitcoin Drop: BitMEX CEO Sees $30K for June

Bitcoin (BTC) saw a dip at the Wall Street open today as sellers pushed the price of the cryptocurrency towards 40 thousand dollars.

Bitcoin near the key level at $40,000

TradingView data showed that last week’s downtrend continued today after a disappointing weekly close.

And so the weekend’s calm gave way to volatility at the start of the new octave, driven by a loss of ground in global stocks.

Hourly chart BTC / USD – TradingView

In Asia, The Hang Seng closed this morning down 3%. On the day of Hong Kong, while The Shanghai Composite closed down 2.6%.. Germany’s DAX index is trading 0.77% in the red As of this writing, it imitates London’s FTSE 100 Index.

With Wall Street still trading in a full session today, the focus has been on the strength of the Dollar, as evidenced by the recurring rally in the US Dollar Index. (DXY)which is currently participating in Area 100.

“Back to the area 99.437, which is higher than the previous range. If the level continues, we could see more stagnation for risky assets like cryptocurrencies…”

With Bitcoin heavily aligned to follow stocks that are struggling against central bank policy tightening, the mood is currently down as BTC/USD has resisted support in the region. $41,000.

March CPI is highly expected on TuesdayIt is set to reveal the reality of inflationary pressures since the beginning of the Russian-Ukrainian war in Europe since the end of February.

The conflict and its impact on supply chains, especially food, was not yet present in previous CPI datawhich, however, were at their highest levels in 40 years.

Markets are in shock

However, cryptocurrency veterans have always had a different view. Instead of raising interest rates and reversing asset purchases to counter inflation, central banks will actually have no choice but to continue their previous expansionary path, despite the higher prices.

“There is a major shock to the markets, which is brewing (and very soon) that will cause central banks around the world to aggressively reverse course in their ‘tightening’ rhetoric,” the host tweeted. Preston Beach.

“The 40-year trend line for bond yields is collapsing…”.

Pysh’s argument echoed that of the former BitMEX CEO Arthur HayesWhich was mentioned in his last blog post It exposed a complete lack of confidence that the Fed, in particular, was actually trying to bring down inflation.

“As I’ve said many times, the goal is not to actually fight inflation, but rather they seem to be fighting inflation so that national politicians can survive an angry people who work harder but can’t afford lower costs,” he wrote.

“Central bankers should tighten, tighten and tighten more, but not too much, because positive real rates will completely destroy the global debt-based economy.”

The initial drop in stocks due to stress could cause Bitcoin to drop significantly at first.

“The great thing about the 24/7 market that is accessible to all humans with an internet connection is that things happen quickly,” Hayes added.

“By the end of the second quarter of June this year, I believe Bitcoin and Ether will test these levels: Bitcoin: 30 thousand dollarsether: 2500 dollars“.

Leave a Comment