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Bitcoin power is growing! (Credits: Google)
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- The Bitcoin market has been in a severe bear market for the last two weeks.
- The flagship currency had been trading above $30k but has now fallen below that level.
- Bitcoin will gradually gain market domination, while others believe it will go below $20k.
Bitcoin market has been in a severe bear market for the last two weeks. The same is true for Bitcoin’s pricing. The flagship currency, which had been trading above $30k, has suddenly fallen below that level.
While some crypto analysts anticipate it will gradually gain market domination, others believe it will go below $20,000.
Despite the fact that the cryptocurrency market is volatile, bitcoin currently controls 46.51 percent of the market. However, this is not the case with altcoins, as significant altcoins have been wiped away.
Here’s what several market analysts believe will happen to Bitcoin in the future. It’s all because inflation appears to be on the rise, and the Federal Reserve is determined to hike interest rates.
Read More: BTC TO PKR: Latest Bitcoin Price in Pakistan for, 11 June 2022
Bitcoin Dominance Rise While Alts Find Bottom
The Bitcoin dominance index has increased from 0.4 percent to 44.7 percent, the highest level since October 20, 2021. However, this environment is not favourable to cryptocurrency price movement. Matthew Hyland, a crypto on-chain specialist, predicts that cryptocurrencies are in a death spiral.
He feels Bitcoin holders are safe, but this is not true for altcoin holders. As a result, according to the analyst, alts will reach a bottom soon.
The Alts are in a death spiral#Bitcoin has holders who have strong conviction
The Alts do not
Eventually a bottom will be found but it likelier needs more time until sentiment is crushed
— Matthew Hyland (@MatthewHyland_) June 11, 2022
CPI, The Reason For Bitcoin Price Bottom
The Client Value Index (CPI) report, on the other hand, resulted in a collapse of the $30,000 support, and Bitcoin (BTC) value plummeted as low as $28,852.
The high CPI has had an impact on the dollar index (DXY) and the S&P 500. (SPX). This was mentioned by il Capo of Crypto, who posted the charts below. He also claims “After CPI results, DXY continues its pump and SPX remains loose.”
CrediBULL Crypto, a market analyst and pseudonymous Twitter user, shared his thoughts on what it could take to avoid a return to the $28,000 support level. His allegation was backed up by a chart showing the “unlucky” retracement from $30,000. According to the analyst, this is where we should keep our attention.
Read More: Bitcoin funds are raking in fresh money, while altcoin funds are suffering
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