"BTC·USDT Dominance Signal, BTC Bearish Signal"
"BTC Breaks Key Support"... Forecast of $80,000 Correction
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Bitcoin plummeted immediately after the start of the 30th, falling about 2%. Bitcoin, which recorded its all-time high on the 17th of this month, fell further than investors' expectations, and experts have publicly expressed pessimism about Bitcoin.
The reason why experts claim further decline is that the graph shows that Bitcoin has broken out of its key support level.
Contributor 'The ForexX Mindset' of the on-chain analysis platform TradingView and graph analyst 'Aksel Kibar' argued that Bitcoin's price could fall to $81,500 and $80,000, respectively.
The ForexX Mindset said that the liquidity deposited in Bitcoin in his X account has started to outflow. The data he presented as evidence is the decline in Bitcoin dominance and the rise in Tether (USDT) dominance. He said, "The inverse relationship between Bitcoin dominance and Tether dominance is not a coincidence" and "Bitcoin could experience a sharp drop."
Aksel Kibar argued that based on the chart pattern 'Head and Shoulders' indicating a trend reversal, Bitcoin could decline. He explained, "Applying the Head and Shoulders pattern to Bitcoin's chart, Bitcoin's price could be adjusted to $80,000."
Bitcoin recorded $93,370 at 9:30 am on the 30th based on CoinMarketCap.
Kwon Seung-won reporter ksw@blockstreet.co.kr
