RATE Group | Could Bitcoin Collapse By 25% to $6,000? GBTC Premium Implies So
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Could Bitcoin Collapse By 25% to $6,000? GBTC Premium Implies So

13 Oct Could Bitcoin Collapse By 25% to $6,000? GBTC Premium Implies So

Posted at 22:59h in Bitcoin News by

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As reported by NewsBTC yesterday, the Bitcoin (BTC) price has been relatively trendless as of late, falling under $8,300 after attempting to consolidate above $8,500. Some say that this non-volatility is an indicator that this market may soon break higher, looking to the fact that market trends, fundamentals, and the macro backdrop (semi-quantitative easing) have started to trend in favor of decentralized monies.

However, one analyst is warning of impending collapse. A collapse that could bring BTC all the way back to $6,000 — a level which analysts say will determine if the cryptocurrency market is actually in a macro bull trend or not.

Related Reading: Analysts Expect Altcoins to Outperform as Bitcoin Price Stagnates

Grayscale Bitcoin Trust Hints at 25% Collapse

Timothy Peterson, an analyst at Cane Island Alternative Advisors, recently drew attention to a harrowing sign in a blog post. Published to his company’s page, the analyst noted that there is a “relationship between the…

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