cryptoglobe.com
In a recent analysis of Bitcoin’s price, crypto analyst Justin Bennett conveyed that Bitcoin is currently trading around the $26,560 mark, but if it fails to maintain this, it could drop to $25,000. Bennett suggested that this $25k level could attract many to invest in Bitcoin from a long-term perspective; however, his prediction for the next few weeks indicates that Bitcoin might go lower than this.
$BTC is still catching a bid at $26,560, but if this level fails, $25k is next.
— Justin Bennett (@JustinBennettFX) May 18, 2023
While many will bid $25k for a macro long, I think we see lower in the coming weeks.
Something like this is my base case but may be tweaked as things unfold.#Bitcoin pic.twitter.com/sQzqEnxEsQ
Later, Bennett clarified that while he sees a potential for lower prices, he didn’t specify $23,000 as the definite bottom, indicating that his thoughts are focused on the near term.
Yeah maybe but I didn't say 23k is the bottom. Just sharing my thoughts on the next few weeks.
— Justin Bennett (@JustinBennettFX) May 18, 2023
Meanwhile, Ran Neuner, a well-known crypto influencer, shared a perspective on Twitter about the Bitcoin 2023 conference, being held from May 18 to 20 in Miami, Florida, stating that Bitcoin tends to experience price drops during the conference. In a somewhat light-hearted tone, he suggested maybe canceling the conference due to this repeated pattern.
Without fail, Bitcoin always dumps during Bitcoin 2021/2/3. Maybe we should cancel the conference…
— Ran Neuner (@cryptomanran) May 18, 2023
Crypto analyst Miles Deutscher seemed to hold a similar viewpoint about the Bitcoin 2023 conference, expressing on Twitter that this so-called “conference dump” is a recurring event, implying a correlation between the conference and a drop in Bitcoin’s price.
The good old $BTC conference dump strikes again.
— Miles Deutscher (@milesdeutscher) May 18, 2023
In a separate observation, an anonymous crypto analyst and trader who goes by the name “Dean Crypto Trades” made a note of significant selling activity during this period. He pointed out a particular seller on Bitfinex who rapidly sold approximately 235 BTC, equivalent to about $6.2 million, within a minute. He noted that this seller was not interested in exiting the market slowly in order to achieve the best possible price.
A big seller during this dump on Bitfinex, which was rapidly selling 235 BTC or ~$6.2M worth within the same minute.
— Daan Crypto Trades (@DaanCrypto) May 18, 2023
Clearly had no intention to slowly get out and get the best price. pic.twitter.com/qGbvpP3QP8
According to data from TradingView, BTC is currently (as of 8:06 p.m. UTC on May 18, 2023) trading at around $26,738, down 2.12% in the past 24-hour period.
