Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
In light of bearish Bitcoin (CRYPTO: BTC) price action in the past 24 hours, pseudonymous BitMEX crypto trader ChimpZoo predicted that Bitcoin’s rally is over and has reached its peak.
What Happened: ChimpZoo’s latest post outlines bearish indicators for Bitcoin, suggesting that it is “within the margin of error of a top” and there are ample reasons to believe this is the top and an obvious one.
He adds that calling tops is always challenging, acknowledging the possibility that Bitcoin could rise smoothly by 10%, and perhaps Michael Saylor will purchase $500 million more Bitcoin, which could support the rally.
However, he concludes that “ultimately I believe it's over.”
His reasons are:
- The Dogwifhat marketing campaign on the Las Vegas sphere.
- Significant rallies of Solana-based memecoins - BODEN with a $150 million valuation within months and WHOREN at $20 million.
- Bitcoin's 90% rally within 30 days with maximum pullbacks of 15%.
- Meme coins such as Dogwifhat and Pepe seeing a 1000% surge.
- Bitcoin's annualized funding rates are consistently at 100% for weeks, with total open interest on centralized exchanges increasing from $25 billion to $50 billion.
- Saylor issuing $1.3 billion in debt to acquire Bitcoin above $70,000, while calling people that use fiat currencies as a store of value poor.
#11 ETF Flows Reflexivity will come to an endAlso Read: EXCLUSIVE: Which Bitcoin ETF Is Preferred By Benzinga Users? 28% Say They've Already Bought Bitcoin ETFsThere's likely 2 magnitudes of capital more than the ETF flows just chasing this narrative, and when the flows slow, they'll all want out (See CME OI + Global CEX OI) pic.twitter.com/NwHejHq8Jq
— ChimpZoo � (@ThinkingBitmex) March 15, 2024
Why It Matters: In the past 24 hours, Bitcoin is down 6.5%, falling below the $70,000 mark.
Technical crypto trader EfloudTheSurfer provides analysis of the current Bitcoin prices, stating: “As a bullish bias trader, I don't prefer the price to close below $61,200 on a daily timeframe” and if prices can break through the $69,300 mark, there must be some relief for a short period.
The crypto community eagerly awaits the next move in Bitcoin prices.
Read Next: Bitcoin's Record Rally Could Face Turmoil From Microstrategy's Debt-Fueled Buys, Warns JPMorgan
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