On July 4th, Andrew Kang, co-founder and partner of crypto venture capital firm Mechanism Capital, said in a social media post that most market participants are not aware of the seriousness of the possible decline in Bitcoin's four-month volatility range. The closest similar situation we can find is the May 2021 range, when Bitcoin and counterfeit products also experienced a parabolic rise.
Cryptocurrency leverage above USD 50 billion here is also close to all-time highs (excluding CME), but in this case we have a longer interval timer (18 weeks vs 13 weeks) and have yet to experience the extreme wash-up that we experienced several times during the 2020-2021 bull market.
My initial estimate of a low of 50,000 USD may be too conservative and we may see a more extreme pullback to the 40,000 USD range. Such a pullback could be quite damaging to the market and could take several months of volatility/downtrend (recovery period) before an uptrend reversal is possible.
Andrew Kang: Could see extreme pullback to $40,000 range
2024-07-04 00:06:07
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