The cryptocurrency market traded in a holding pattern on Wednesday, with analysts predicting a major pullback for Bitcoin before the end of 2023.
- The cryptocurrency market traded in a holding pattern on Wednesday as the world's attention remains focused on the escalating conflict in Israel following the bombing of the Al Ahli Arab Hospital in Gaza.
At the closing bell, the S&P, Dow, and Nasdaq all finished lower, down 1.34%, 0.98%, and 1.62%, respectively. “Stuck between its 50- and 100-week moving averages with annual volatility falling to a new low, Bitcoin is about as coiled to move as it gets,” McGlone said. “It’s a question of direction, and my bias is downward along with a top measure of liquidity: Fed fund futures in one year .”“What’s typically been a prerequisite for this liquidity indicator to turn positive is Bitcoin falling first,” he said.
“Bitcoin goes up in the liquidity and does well when the stock market’s doing well, and then it goes down the other way,” he said. “So here’s what I think’s going to happen: they’re both going to go down.”
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