Bitcoin

Bitcoin To Dip Much Lower Dealing With a Challenging Environment – Ross Mayfield

Written by: Elena R

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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Jul 5, 2022

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Starting April 5, BTC is seen dropping beneath a declining resistance level. The range was recently rejected on June 7, resulting in a bottom of $17,622 on June 8.

From then, the price has gone up marginally and is now selling at around $20,000. The formation of three positive candlesticks on June 19, 23, and 4, consecutively, is a bullish development.

However, previous BitMEX CEO Arthur Hayes believes the latest price surge is the bottom of the recent downturn. Last week, the leading cryptocurrency had its lowest quarterly not seen in more than a decade, losing over 50 % of its worth.

Analysts Are Skeptical

Although several technical indicators suggest that Bitcoin now has touched the base of its downturn, other analysts are still suspicious.

According to Ross Mayfield, a portfolio diversification analyst at the US-based global autonomous financial management firm Baird, the Value of bitcoin might fall significantly lower. In a recent interview with bloomberg, He argues that the world’s leading cryptocurrency is now struggling with a “challenging environment”.

Next, as per Yassine Elmandjra of ARK Investment Management, the leading cryptocurrency may tend to struggle if the US Federal Reserve continues to raise interest rates.

On the other hand, while Glassnode experts question if the strong-hand financiers can keep up with the position, on-chain statistics and investor behavior analyst at Baird, Ross Mayfield, acknowledged Glassnode’s prediction that the bottom is close.

Nonetheless, he feels there will still be a risk for BTC to fall lower because of the current macroeconomic environment, which includes the possibility of a crisis and the Fed’s further interest rate hikes.

On the contrary, renowned venture capitalist and veteran cryptocurrency advocate Brett Munster has noted that despite the price drop, Bitcoin acceptance remains high, making this cycle distinct from 2018.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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