In a recent analysis of Bitcoin’s price, crypto analyst Justin Bennett conveyed that Bitcoin is currently trading around the $26,560 mark, but if it fails to maintain this, it could drop to $25,000. Bennett suggested that this $25k level could attract many to invest in Bitcoin from a long-term perspective; however, his prediction for the next few weeks indicates that Bitcoin might go lower than this.
Later, Bennett clarified that while he sees a potential for lower prices, he didn’t specify $23,000 as the definite bottom, indicating that his thoughts are focused on the near term.
Meanwhile, Ran Neuner, a well-known crypto influencer, shared a perspective on Twitter about the Bitcoin 2023 conference, being held from May 18 to 20 in Miami, Florida, stating that Bitcoin tends to experience price drops during the conference. In a somewhat light-hearted tone, he suggested maybe canceling the conference due to this repeated pattern.
Crypto analyst Miles Deutscher seemed to hold a similar viewpoint about the Bitcoin 2023 conference, expressing on Twitter that this so-called “conference dump” is a recurring event, implying a correlation between the conference and a drop in Bitcoin’s price.
In a separate observation, an anonymous crypto analyst and trader who goes by the name “Dean Crypto Trades” made a note of significant selling activity during this period. He pointed out a particular seller on Bitfinex who rapidly sold approximately 235 BTC, equivalent to about $6.2 million, within a minute. He noted that this seller was not interested in exiting the market slowly in order to achieve the best possible price.
According to data from TradingView, BTC is currently (as of 8:06 p.m. UTC on May 18, 2023) trading at around $26,738, down 2.12% in the past 24-hour period.