Byte Tree analysts believe that the drop in the BTC rate may be due to a transaction worth $ 1.2 billion – the funds were sent from a private wallet to a crypto exchange.
After this operation, a sale began on the market, which affected the aggravation of the volatility of the exchange rate and, in general, the weakening of BTC. The BTC price began to plummet on Tuesday, at first there was a collapse from $ 9,700 to $ 8,500, after which the flagship cryptocurrency fell below the level of $ 8,000.
Analysts suggest that this transfer of funds caused panic in the market and still weakened BTC during its protracted phase of insignificant volatility. Meanwhile, other experts and analysts predict a further drop in the value of the coin, and some simply see this period as a good opportunity to enter the market by buying BTC at a bargain price.
Peter Schiff, financial strategist, shared an unfavorable forecast on the eve, he assumes that there is a risk that the BTC will drop to $ 4,000 or even lower. Recall that in August, he also announced that the flagship cryptocurrency would never reach the level of $ 50,000, but Schiff is betting on gold. According to his assumptions, in the future the price of gold will rise to $ 5,000.
