The prolongation of debt limit talks in the US brought a drop in cryptocurrencies, including Bitcoin, along with stocks.
While investors are wondering if the decline in Bitcoin, which has dropped to 25,800, will continue, asset management firm Valkyrie Investments said that the decline in BTC could continue.
At this point, Valkyrie analysts, using the "Ichimoku Cloud" indicator developed by Japanese journalist Goichi Hosada in the 1960s, stated that the "Ichimoku cloud" indicator on Bitcoin's daily chart shows a bearish trend.
Analysts at Valkyrie, led by Chief Investment Officer Steven McClurg, said in the report:
“In Bitcoin, the data shows a bearish trend in the near-term while the bullish momentum continues in the long-term.
In this context, BTC could see another drop towards $24,000 as the Ichimoku Cloud indicator in Bitcoin shows a bearish trend.”
Bitcoin, the leading cryptocurrency that made a tremendous entrance to 2023, fell by about 10% this month to $26,300 in May, due to the FED's hawkish attitude, the recovery in the dollar index and the ongoing US debt limit uncertainty during the year.
BTC continues to trade at $ 26,373 at the time of writing.
*Not investment advice.
