Bitcoin – Here’s Coinbase’s Q2 prediction as analysts issue new warning!
The post Bitcoin – Here’s Coinbase’s Q2 prediction as analysts issue new warning! appeared on BitcoinEthereumNews.com.
Bitcoin slipped below $84k after a hot U.S inflation print New Trump tariffs could determine the next direction for the cryptocurrency Bitcoin [BTC] briefly retraced below $84k following a hotter PCE inflation print during early Friday’s U.S trading session. BTC’s decline followed Nasdaq’s 2% drop. However, gold jumped to a new high, reiterating investors’ risk-off mode and macro uncertainty, especially ahead of President Trump’s new tariffs. According to Coinbase analysts, the crypto’s price could remain range-bound ($78k-$88k) until then. They stated, “We anticipate range-bound trading at least until April 2nd, the deadline for President Trump’s tariffs.” The analysts further warned that April-June have been “tough months” for crypto on a seasonal basis. They suggested reduced exposure as a great strategy. Bitcoin – STH distress? The cautious outlook was also evident on-chain, as per the financial distress faced by short-term holders (STH). These are new investors (top buyers) who’ve held BTC for less than six months and likely bought the asset above $90k or $100k. According to Glassnode, the supply held by STHs hit a 7-year high loss of 3.4 million BTC. “Recent downside volatility has created strenuous conditions for new investors, with the volume of Short-Term Holder supply held in loss surging to a massive 3.4M BTC. This is the largest volume of STH supply in loss since July 2018.” Source: Glassnode The analytics firm added that the prevailing pressure could heighten the “probability of a market-wide capitulation event.” Even Options traders seemed to be positioned for further downside risk scenarios in the short term. According to Amderdata’s 25-delta risk reversal (25RR) indicator, for instance, Options expiries for 04 April (-7.41) and 11 April (-6.0) were negative, at the time of writing. Source: Amberdata This hinted at an uptick in hedging activity and more demand for put options (bearish bets)…
Filed under: News - @ March 29, 2025 10:16 am