Famous global strategist and analyst Şant Manukyan evaluated the recent drop in Bitcoin price with the video he published and gave some clues to the question of “Will Bitcoin increase?” Emphasizing that the sensitivity of Bitcoin to the general market is increasing, Manukyan said that this break is not a good sign.
One of the names that interpreted the situation of Bitcoin, which left behind with a 10% loss in value in the last 7 days, was the famous analyst Şant Manukyan. Touching on Bitcoin in the video published on Youtube, the analyst emphasized that a very tough sales trend was recorded on the BTC front. Manukyan, in order to continue the upward trend in the future and not to trigger more sales; He also stated that the value of Bitcoin should jump above the $ 10,800 threshold as soon as possible.
An upward trend was expected in the Bitcoin market after the Central Bank Governor Jerome Powell’s statements to increase inflation. Analyst Bitcoin failed to meet this expectation; He emphasized that even after the Fed’s statements, the point reached was this hard break.
In addition to the precious metal or BTC values in periods of high inflation; Emphasizing that other assets such as houses and cars also gain value, Manukyan argued that assets such as Bitcoin and gold can reveal their real values not in times of inflation, but in the ways that banks and the public will follow.
The Correlation Of Bitcoin To The Traditional Market Is Increasing
One of the most striking points in the statements made by Şant Manukyan was that he mentioned the correlation of Bitcoin with the traditional market. The analyst said that Bitcoin’s adaptation to the market can be clearly observed.
Manukyan criticized the observation of the crash experienced by BTC in a coordinated manner with the general market, “Last week, while the stock market fell by 4%, Bitcoin charts remained on the rise or stable, could be interpreted as a positive development for portfolios.” Stating that Wall Street embraces Bitcoin more and more, BTC market sensitivity has increased gradually, the analyst emphasized that the latest break in this regard is a negative development.