- Bitcoin noted its one week low today, at $18,988.72, as per the CoinMarketCap.
- This price drop was noted due to the investors looking forward to inflation data.
Bitcoin Tau o Suʻega
The most-traded crypto token, Bitcoin, is suffering from the ‘Crypto Winter.’ From the starting of this week it has again noted its low today (October 11, 2022.) It has been continuously performing in the red-zone throughout the month.
The above clearly shows the Year Till Date (YTD) price performance of Bitcoin. In which we can see that the most-trusted crypto coin is now losing the faith of most of the crypto investors. From June 2022, the coin started to lose its price and still continued its red-zone performance.
On June 19, 2022 Bitcoin noted its YTD low at $18,086.99, with the market cap of $338.41 Billion. However, the current price of Bitcoin is $19,061.80 with the current market cap of $365.52 Billion. It is down 1.40% in the recent 24 hours.
What Does The Research Analyst Say?
Riyad Carey, a research analyst at Kaiko shares his analysis and said that “Today there seems to be some jitters and derisking across all markets as we approach Thursday’s CPI release. Bitcoin is moving closely with equities and I’d expect that to continue as there haven’t been many crypto-specific catalysts in recent weeks. I also expect significant volatility on Thursday, with a move up or down depending on the inflation figure.”
James Butterfill, Head of Research at CoinShares, also added that “We believe there is a building narrative that central banks are beginning to make policy errors.” He further cited the Bank of England interventions, concerning the Fed dot plot and timid interest rate rises by the European Central Bank.
He also added in his statement as “Several of our clients have made the point that they don’t want to buy bitcoin right now, but as soon as the Fed pivots, they will add to positions. Key data points to watch out for this week will be the CPI data beat/miss on Wednesday and the FOMC minutes, a whiff of dovishness is likely to be supportive for crypto assets.”
On the other hand, a famous trader, Crypto Tony thus stayed firmly on the side of caution. He prefers to go short BTC on the day. In his recent Tweet on October 11, 2022, alongside a price chart he added that “I won’t become even slightly bullish until we see a solid break of the downtrending trend line.”
I won't become even slightly bullish until we see a solid break of the downtrending trend line. Every little bump most get overly bullish
Not a good sign in my opinion .. Shorts are the priority right now
pic.twitter.com/dgWUP564zA
— Crypto Tony (@CryptoTony__) Oketopa 11, 2022
Crypto Kaleo, another famous crypto trader also shared his point of view, as:
Source: https://www.thecoinrepublic.com/2022/10/11/bitcoin-marked-another-low-see-what-the-analysts-say/