Bitcoin is in trouble.
After rocketing to $73,802, it’s now back down to $60,487.47 and could slip even more.
According to Peter Brandt, the founder of Factor Trading, as noted by Business Insider, he expects Bitcoin to drop back into the mid-$30,000 range, or about 50% lower. In addition, there’s been a significant amount of fund outflows.
In fact, according to Investing.com, “Data from digital assets manager CoinShares showed on Monday that crypto investment products saw a third straight week of capital outflows- $345 million, their biggest since March. Bitcoin net outflows in particular surged to $423 million, amid waning hype over the spot U.S. ETFs launched earlier this year.”
With that, mining stocks like Marathon Digital (MARA) are dropping. MicroStrategy (MSTR), which owns 214,000 Bitcoin, dropped from a recent high of about $2,000 to a recent low of $1,071.13 since the end of March.
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![🧐 In this video, Dylan discusses a recent Bloomberg article that sheds light on the hidden dynamics within the crypto market.
[Bloomberg Article - https://www.bloomberg.com/news/articles/2024-05-15/crypto-deals-kol-investors-get-big-valuation-discounts]
From influencers to financial gurus, many key opinion leaders (KOLs) are being paid handsomely to promote certain cryptocurrencies, often leading to classic pump-and-dump schemes.
🚨 Buyer Beware: If you're investing in crypto, it's crucial to understand the game being played. As Dylan's grandfather used to say, "If you don't know who the patsy at the table is, you're the patsy." This timeless advice is more relevant than ever in today's volatile crypto landscape.
📈 Whether you're a seasoned investor or new to the crypto space, this video offers essential insights to help you navigate these murky waters. Dylan is not here to debate the legitimacy or utility of cryptocurrencies but to ensure you are aware of the tactics used to manipulate the market.
🔔 Subscribe to Behind the Markets for more insights and updates on financial trends and market analysis!
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