Crypto Experts Weigh In On Bitcoin Price Movements Amid Market Volatility

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In a recent analy­sis of Bitcoin’s price, cryp­to ana­lyst Justin Ben­nett con­veyed that Bit­coin is cur­rent­ly trad­ing around the $26,560 mark, but if it fails to main­tain this, it could drop to $25,000. Ben­nett sug­gest­ed that this $25k lev­el could attract many to invest in Bit­coin from a long-term per­spec­tive; how­ev­er, his pre­dic­tion for the next few weeks indi­cates that Bit­coin might go low­er than this.

Lat­er, Ben­nett clar­i­fied that while he sees a poten­tial for low­er prices, he didn’t spec­i­fy $23,000 as the def­i­nite bot­tom, indi­cat­ing that his thoughts are focused on the near term.

Mean­while, Ran Neuner, a well-known cryp­to influ­encer, shared a per­spec­tive on Twit­ter about the Bit­coin 2023 con­fer­ence, being held from May 18 to 20 in Mia­mi, Flori­da, stat­ing that Bit­coin tends to expe­ri­ence price drops dur­ing the con­fer­ence. In a some­what light-heart­ed tone, he sug­gest­ed maybe can­cel­ing the con­fer­ence due to this repeat­ed pattern.




Cryp­to ana­lyst Miles Deutsch­er seemed to hold a sim­i­lar view­point about the Bit­coin 2023 con­fer­ence, express­ing on Twit­ter that this so-called “con­fer­ence dump” is a recur­ring event, imply­ing a cor­re­la­tion between the con­fer­ence and a drop in Bitcoin’s price.

In a sep­a­rate obser­va­tion, an anony­mous cryp­to ana­lyst and trad­er who goes by the name “Dean Cryp­to Trades” made a note of sig­nif­i­cant sell­ing activ­i­ty dur­ing this peri­od. He point­ed out a par­tic­u­lar sell­er on Bitfinex who rapid­ly sold approx­i­mate­ly 235 BTC, equiv­a­lent to about $6.2 mil­lion, with­in a minute. He not­ed that this sell­er was not inter­est­ed in exit­ing the mar­ket slow­ly in order to achieve the best pos­si­ble price.

Accord­ing to data from Trad­ingView, BTC is cur­rent­ly (as of 8:06 p.m. UTC on May 18, 2023) trad­ing at around $26,738, down 2.12% in the past 24-hour period.



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