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Highlights
- Phil Bonello hinted a massive correction in Bitcoin's value.
- He also deemed inflation and geopolitical tensions as a huge threat to the entire crypto market.
- Bitcoin long liquidations peaked at nearly $35 million and accelerated the latest drop.
Phil Bonello, former director at Grayscale Investments, has recently stirred the crypto community with a series of predictions and observations regarding the future of Bitcoin (BTC). In addition, he offered insights about the broader crypto market. Moreover, Bonello hinted at a massive correction in the Bitcoin price owing to the recent bearish turn.
Will Bitcoin Price Dip To $52,000?
In a post on X, Bonello outlined several key points, including a potential 20% chance of Bitcoin dropping to $52,000. He cited various factors such as inflation concerns, fiscal spending trends, and the performance of alternative cryptocurrencies. Moreover, Bonello emphasized the growing inflation as a significant concern.
In addition, the ongoing geopolitical tensions and the Yen’s instability is expected to impact the crypto market. He noted that fiscal spending appears to have a clear trajectory, hinting at potential long-term implications for Bitcoin and the crypto market as a whole.
Regarding altcoins, Bonello highlighted their recent significant drops, with many having already plummeted by over 50% and subsequently retesting support levels. Despite weak Bitcoin ETF flows, he expressed confidence in BTC’s resilience in absorbing such movements. Furthermore, the former Grayscale Director foresees a substantial increases in ETF activity as the year progresses.
In addition, Bonello pointed out that open interest in Bitcoin has returned to levels seen when the price was at $50,000, signaling a huge drop. He also noted that various market indicators, such as funding, basis, and skew, currently appear neutral.
Moreover, Michaël van de Poppe, a crypto analyst, offered a bearish outlook on Bitcoin, which is in lign with Bonello’s analysis. Poppe suggested a prolonged period of slow sideways movement for the next 3-6 months. In addition, he hinted at further corrections in the Bitcoin price. Meanwhile he anticipates stronger performance from altcoins.
Also Read: Bitcoin ‘Sell’ Calls on the Rise Amid Trader FUD and Impatience, What’s Next?
BTC Plunges To $62,000 Level
The Bitcoin price lost momentum and extended below the $63,000 mark today. At press time, the BTC price crashed 2.39% to $62,909.50 on Saturday, April 27. Whilst, the crypto boasted a massive market cap of $1.23 trillion.
Amid the decline, the 24-hour trading volume for Bitcoin also plummeted 24.62% to $23.39 billion. Moreover, according to Coinglass, longs expedited the Bitcoin price decline with $34.68 million liquidations. This accounts for a whopping 82% of the $42.19 million total liquidations recorded in the past 24 hours.
Meanwhile, crypto analyst Ali Martinez spotted a recent decrease in Bitcoin whale activity since March 14. It could have also contributed to the bearish trend in Bitcoin’s trajectory. Furthermore, the analyst advised that a surge in whale transactions could potentially ignite a rally in the Bitcoin price.
Also Read: Pro-XRP Lawyer Takes A Dig At Bitcoin, Calls It Overhyped
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