Seasoned DeFi analyst Miles Deutscher foresees 'choppy' September and Q4, 2023, here's why
brought pain to Bitcoiners. In 2023, besides market exhaustion, traders should expect the release of Bitcoin and many other cryptocurrencies seized by U.S. law enforcers from the collapsed exchange FTX. Also, many massive unlocks, including Apecoin , Aptos , dYdX and Optimism , are set to happen in September.
In other context, markets would easily absorb these potential"sell walls" on large-cap altcoin pairs, but in early Q4, 2023, the situation looks too dangerous for bulls:In normal market conditions, this sell pressure would be easily absorbed. But in this low liquidity environment, it doesn't take the same volume it once did to affect price.
The short lifespan of the Bitcoin pump triggered by Grayscale's court win was the best indicator of market apathy to Deutscher. As covered by U.Today previously, the euphoria had only lasted for two days before theBesides"crypto-native" catalysts, Deutscher recommends to closely watch upcoming macroeconomics triggers. Namely, he recommends to concentrate on the Sept. 13 Consumers Price Index release and the Sept. 20 Federal Open Market Committee meeting.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin (BTC) September Move Foreshadowed by This Historical TrendBitcoin's price action at start of September not entirely surprising
Read more »
CME Bitcoin trading volume surpasses Bybit, but is it impacting BTC price?BTC volumes are rising at the CME, but are they having a significant impact on Bitcoin's spot price?
Read more »
Grayscale Bitcoin Trust to readjust fees if SEC approves its spot BTC ETF applicationsGrayscale asset management firm recently won in its months-long case against the US Securities and Exchange Commission (SEC). The judge determined tha
Read more »
Bitcoin price drops as SEC delays seven spot BTC ETF applicationsBitcoin (BTC) price has whiplashed all the ground covered during the August 29 rally when Grayscale asset manager’s news catalyzed an impulse to drive
Read more »
Bitcoin risks 'swift' $23K dive after BTC price loses 11% in AugustBitcoin traders clear a path to $23,000 as a lack of support worries BTC price bulls.
Read more »
BTC Exchange Net Flows Soared to Monthly Highs as Bitcoin Dumped Below $26KBitcoin's exchange net flow has hit one-month high in terms of USD value and a four-month peak in BTC.
Read more »