Bitcoin’s Rollercoaster: Will It Soar or Plummet? 🎢💰

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In a most curious turn of events, the esteemed crypto.news found itself in the company of none other than Nassar Achkar, the Chief Strategy Officer of CoinW, to unravel the tangled web of the current crypto market. Ah, Bitcoin, that elusive creature, dances precariously on the edge of $81,000, having taken a 5% tumble in the last 24 hours, while the total crypto market capitalization has plummeted to a mere $2.7 trillion. Investors, in a fit of panic, are liquidating their digital treasures to safeguard their fortunes. 🏦

Our dear Nassar, hailing from the opulent lands of Dubai, shared his thoughts on the psychological barriers that Bitcoiners face, particularly the daunting $100,000 mark, while assuring us that a descent below $70,000 is as likely as a snowstorm in the Sahara. Below, dear reader, is a transcript of this enlightening discourse.

Q – Are crypto investors buying this dip, based on exchange activity?

A – Ah, the current crypto market is a curious beast indeed! Investors are flocking to BTC like moths to a flame, leaving the altcoins to languish in obscurity. This shift has created a chasm between Bitcoin and its less fortunate cousins.

In the wake of the Bybit debacle, Binance has seen an influx of nearly $4 billion in a single week! Rather than a classic buy-the-dip scenario, this surge seems to be driven by a collective desire for safety, as capital consolidates within a single exchange like a flock of sheep seeking shelter from the storm.

Meanwhile, Ethereum (ETH) is on a downward spiral, and SOL is facing a significant token unlock, leaving investors to twiddle their thumbs, waiting for lower entry points. Even as BTC shows signs of life, the overall market sentiment is as cautious as a cat on a hot tin roof, with investors opting to hold their assets rather than dive headfirst into the fray.

Trump’s recent pro-crypto proclamations have only served to bolster Bitcoin’s dominance, drawing attention and liquidity like a magnet, while traders sit on the sidelines, waiting for clearer signals. The past three months have seen a steady decline in overall CEX trading volumes, reflecting the prevailing uncertainty and fear that hangs over the market like a dark cloud.

Q – Bitcoin is 23% down from its ATH. Are there strong bids around $62,000?

A – Ah, predicting price movements is akin to reading tea leaves! CoinW’s order book suggests that the real battleground lies around $100,000, rather than a descent below $70,000.

While BTC briefly dipped into the $70K range, it has since rebounded above $90,000, reinforcing the belief that $100,000 is both a psychological milestone and a sturdy support level in this cycle. Based on current market performance, we do not foresee BTC plummeting significantly below $70K in the near term.

Q – Are there indicators of a possible market bottom?

A – CoinW is keeping a keen eye on Trump’s potential influence on the market. Historical trends indicate that BTC’s price is highly correlated with U.S. stock market movements and M1 money supply. Given that U.S. equities have shed $3 trillion in value, it is no wonder BTC is experiencing its own price fluctuations.

Moreover, Binance has recently liquidated its self-held assets, while ETH and SOL continue to face relentless sell pressure. Even Trump-affiliated funds like WFLI, which once basked in the glory of altcoin portfolios, now find themselves in the red.

At this juncture, the market remains shrouded in uncertainty, awaiting key macroeconomic factors such as interest rate adjustments and Ethereum’s potential resurgence. Given these circumstances, it is wise to remain cautious and brace for further downside in the short term.

Q – Why is crypto going down?

A – As previously mentioned, BTC is increasingly distancing itself from the broader crypto market, with the traditional four-year cycle theory proving as useful

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2025-03-10 17:55