In a recent video, Nick from Cheeky Crypto provides an update on Bitcoin and the general crypto market. He discusses onchain data showing retail investors taking profits in Bitcoin, while whales (large institutional investors) are buying up some of the supply. He also notes that liquidations have been smaller in the last 24 hours, with long positions getting wiped out.
Nick anticipates a brief move to the downside for Bitcoin before a potential move up to $37,000. He also discusses the importance of Bitcoin’s performance on the market, noting that money is flowing in and out of altcoins with Bitcoin dominance growing. He expects a 50% reduction in the price of many altcoins as Bitcoin pulls back.
Nick speculates that the timing of a potential Bitcoin pullback could be related to a Fed pivot, which he expects to have an impact on the stock market and potentially the crypto market. He also mentions the possibility of a $220,000 Bitcoin with a 40% reduction, but he acknowledges the uncertainty surrounding macroeconomic factors and Bitcoin’s future.