Summary:
Crypto analyst Michaël van de Poppe discusses Bitcoin’s recent crash and the resulting liquidation event in the crypto market. He presents two scenarios: either the market is broken and will continue to decline, or a V-shaped recovery is possible. Van de Poppe also analyzes the open interest on BTC and notes that it hasn’t been this low since November 2022 and March 2023. He suggests that one reason for BTC’s decline could be SpaceX selling its Bitcoin after a significant decrease in value. BTC is currently valued at $26,157, down 11% in the last seven days.
Key Points:
– The crypto market is experiencing the largest liquidation event of the year.
– Two scenarios: the market continues to decline or a V-shaped recovery occurs.
– Open interest on BTC is at its lowest since November 2022 and March 2023.
– SpaceX selling its Bitcoin may be one reason for BTC’s sharp decline.
– BTC is currently valued at $26,157, down 11% in the last seven days.
Hot Take:
The recent crash in Bitcoin and the resulting liquidation event in the crypto market has raised concerns among investors. Analyst Michaël van de Poppe presents two possible scenarios for the market’s future, highlighting the importance of upcoming news. He also suggests that SpaceX’s sale of Bitcoin may have contributed to the decline. With BTC’s value down 11% in the last week, it remains to be seen how the market will recover and whether a V-shaped rebound is possible.
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