Technical and Market Analyst CryptoBusy has dropped significant insights about the future of Bitcoin. According to a recent tweet, the analyst suggests that Bitcoin could see a downward spiral to the $20,000 range, driven by the so-called CME gap. The CME allegedly closes on weekends, creating a gap where Bitcoin’s price can fluctuate while the exchange is inactive.
#Bitcoin: Could the price reach $20,000 again? 🚨
— CryptoBusy (@CryptoBusy) September 11, 2023
CT is screaming for $20,300 to $21K $BTC because of the CME gap.
That's a -21%🔻 decrease from the current price.
If that happens, a negative catalyst could emerge, causing the price to drop. https://t.co/7JDkHyDcst pic.twitter.com/ZJOby1TTpr
These developments come at an already precarious time for the market, rocked by the recent hacking of Ethereum co-founder Vitalik Buterin’s Twitter account and ongoing liquidity issues at the FTX crypto exchange. Intraday trends indicate crucial support and resistance levels for Bitcoin, as pointed out by CryptoBusy.
The analyst specifies key resistance levels between $26,140 to $26,310 and support levels hovering between $25,230 to $25,300. However, CryptoBusy mentioned that breaking these levels could trigger more substantial price movements. Market followers are closely watching to see if a negative catalyst, perhaps related to the ongoing issues at FTX or the CME gap, would send Bitcoin, trading at $25,661, plummeting to make a 21% decrease.
Notably, Buterin became a recent target for cybercriminals, losing $691,000 in a Twitter scam that also duped his followers. This was first reported on X by ZachXBT, and confirmed by PeckShield.
The malicious link posted under the guise of a new NFT launch enabled the hacker to siphon funds from connected wallets. Despite the Ethereum network being separate from Buterin’s account, the event has cast doubt over the cryptocurrency’s security measures and might contribute to bearish sentiments.
Simultaneously, all eyes are on FTX, the embattled crypto exchange expected to gain court approval for liquidating an estimated $3.4 billion in cryptocurrencies by September 13. Industry analytical agency IntoTheBlock pointed out that the potential liquidation could severely dampen market enthusiasm despite other positive developments like Visa’s interest in crypto and the prospect of an Ethereum spot ETF.
Currently, Ethereum, trading at $1,591, and Solana, hovering at $17.72, are already facing downward trends, with a 24-hour drop of 2.35% and 3.72%, respectively. The combined influence of Buterin’s account breach and FTX’s liquidity challenges could have rippling effects across the crypto market. As IntoTheBlock highlighted, these simultaneous challenges might overshadow other positive strides in the market.
