Bitcoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/economist-predicts-significant-bitcoin-price-drop/" data-wpel-link="internal">Economist Predicts Significant Bitcoin Price Drop</a> 
Bitcoin (BTC) price decline that started in recent weeks has reached a new level, with the price dropping to $58,500. Although the price has somewhat recovered, uncertainties persist in the market. The “buy the dip” sentiment continues due to the bullish trend reflected by individual <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a>. An analysis on <a href="https://en.coin-turk.com/legal-struggles-of-terra-founders-intensify-montenegrin-prosecutors-appeal-bail-approval/" data-wpel-link="internal">Binance</a> shows that three out of four trades involve long positions on BTC, leading to views on a potential long squeeze in a short period. 
<h2 style="text-align: justify" id="current-long-short-market-overview">Current Long/Short Market Overview</h2> 
Data from CoinGlass reveals significant information about the 24-hour long/short positions on Binance. The analysis shows that as of June 25, 76.69% of all Bitcoin investors on the largest crypto exchange by volume had taken long positions. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-365465" src="https://coin-turk.com/wp-content/uploads/2024/06/bitcoin-piyasa-coin-turk-com.png" alt="" width="762" height="183"> 
However, a notable difference is observed among individual users. Volume-based analysis indicates a 24-hour long/short ratio showing $8.58 billion in long positions versus $8.67 billion in short positions. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-365467" src="https://coin-turk.com/wp-content/uploads/2024/06/isi-haritasi-coin-turk-com.png" alt="" width="768" height="394"> 
<h2 style="text-align: justify" id="behavior-of-bitcoin-whales">Behavior of Bitcoin Whales</h2> 
While the mentioned outlook shows a long trend among individual investors, it reveals that whales are moving with a bearish tendency. Therefore, this group of whales might make a significant move, potentially putting pressure on Bitcoin and liquidating individual investors tied to high liquidity in long positions. 
Such liquidations could lead to a further drop in BTC price, allowing short-selling Bitcoin whales to make profitable trades. Another analysis on Binance highlights downward liquidity concentrations that whales might target. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-365467" src="https://coin-turk.com/wp-content/uploads/2024/06/isi-haritasi-coin-turk-com.png" alt="" width="768" height="394"> 
Another notable view was shared by prominent analyst Ali Martinez before the writing of this article. According to Martinez, a similar trend is observed in individual sales focused on Binance. Martinez’s statement on X indicates that 72% of Bitcoin investors trading on Binance have taken long positions. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-365468" src="https://coin-turk.com/wp-content/uploads/2024/06/btc-martinez-long-short-coin-turk-com.png" alt="" width="486" height="445"> 
While these events unfolded, attention was on the Bitcoin price. The Bitcoin price recently dropped from $61,500 to $61,000 following <a href="https://newslinker.co" target="_blank" rel="noopener" data-wpel-link="exclude">news</a> that the US government sent 4,000 BTC to the Coinbase exchange. 
BTC’s market cap stands at $1.2 trillion, while its trading volume fell to $22.6 billion after a 34% decline during this period. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/economist-predicts-significant-bitcoin-price-drop/" data-wpel-link="internal">Economist Predicts Significant Bitcoin Price Drop</a></h5>

Economist Predicts Significant Bitcoin Price Drop

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