Bitcoin

when

April

Phil Bonello, former director at Grayscale Investments, has recently stirred the crypto community with a series of predictions and observations regarding the future of <a href="https://coingape.com/bitcoin-wallets-rising-quickly-as-active-wallets-for-these-crypto-drop/" target="_blank" rel="noopener">Bitcoin (BTC)</a>. 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. 
<h2 id="will-bitcoin-price-dip-to-52-000">Will Bitcoin Price Dip To $52,000?</h2> 
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 <a href="https://coingape.com/dtcc-says-bitcoin-etf-exposure-will-have-zero-collateral-value-loan/" target="_blank" rel="noopener">Bitcoin ETF</a> 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:&nbsp;<a href="https://coingape.com/bitcoin-sell-calls-on-the-rise-amid-trader-fud-and-impatience/" target="_blank" rel="noopener">Bitcoin ‘Sell’ Calls on the Rise Amid Trader FUD and Impatience, What’s Next?</a> 
<h2 id="btc-plunges-to-62-000-level">BTC Plunges To $62,000 Level</h2> 
The Bitcoin price lost momentum and extended below the $63,000 mark today. At press time, the <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener">BTC price</a> 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 <a rel="nofollow" href="https://www.coinglass.com/currencies/BTC" target="_blank">Coinglass</a>, 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:&nbsp;<a href="https://coingape.com/pro-xrp-lawyer-takes-a-dig-at-bitcoin-calls-it-overhyped/" target="_blank" rel="noopener">Pro-XRP Lawyer Takes A Dig At Bitcoin, Calls It Overhyped</a> 
The post <a href="https://coingape.com/ex-grayscale-director-warns-bitcoin-price-crash-to-52000/">Ex-Grayscale Director Warns Bitcoin Price Crash To $52000</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Ex-Grayscale Director Warns Bitcoin Price Crash To $52000

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