Institutional Investors flee BTC- Impending 2k price drop to 18k
Updated
This is very good place to go short. The stark language from Powell today signals the Fed is dedicated to raising rates which immediately makes diversifying in Crypto untenably risky for institutional investors.
The recent correlation between BTC and the traditional markets is clear - BTC will drop from here.
The recent correlation between BTC and the traditional markets is clear - BTC will drop from here.
Note
The most recent 12hr BTC bar closed on its lows with an average bar size and average volume which suggests there is no hidden buying. Institutional investors are simply selling to get out of the market.Breaking 18k is now an inevitability and so is 17k imo. If 17k is broken 16k will not hold as it is even weaker support. After that the next major support is 12k.
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