Chief Market Strategist Warns that Bitcoin Price may Dip Below $9000
Bitcoin prices are down by the largest margin in the last three weeks. Bitcoin managed to get out of a possible big squeeze when it shifted from $22k to $20k. The latest decline in the prices of Bitcoin was experienced following the monetary policy testimony by Federal Reserve chairperson Jerome Powell.
The fed has decided to keep the interest rates high as per the media reports. Fed Chair mentioned that while inflation was starting to cut down, it was still way above the required target of 2%. Investors have taken the cue that Federal Reserve is likely to keep pushing stringent monetary policies in the future that can be aggressive.
During his testimony, Fed Chair explained that the Federal Reserve is bracing for a higher-than-expected interest hike for the next term. He was testifying before the Senate Banking Committee. These comments have resulted in the market cap of the top cryptocurrency undergoing a decline of 12%. This decline was recorded before the end of the Asian market session.
On the other hand, the silver crypto coin Ethereum also fell by 1% during the same trading session. Commenting on the current situation, CMS of InTheMoneyStocks, Gareth Soloway, warned investors that Bitcoin and other altcoins might be headed toward greater turbulence. He was speaking to Kitcon News when he rejected the idea of Bitcoin already reaching the bottom.
Bitcoin might Experience more Price Depreciations
Gareth told the interviewer at Kitcoin News that Bitcoin bottom has not matured yet. He claimed that Bitcoin prices might reach the lower price point of $9000 with possible resistance at $13K. He claimed that the ongoing bear market should be viewed under the pretext of the current circumstances.
He further explained that Bitcoin’s next Bull Run might take longer to recover than expected. He commented that the last bear market lasted for 1.5 years. Therefore, investors must expect the stagnation to continue for more than 1.5 years before Bitcoin prices can claim another market high.
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