Su Zhu, a prominent investor and analyst and co-founder of Singapore-based Three Arrows Capital investment firm, has commented on the recent Bitcoin (BTC) price drop. He believes that the Chicago Mercantile Exchange stats show a line of defense that is crucial for bulls.
No land for bulls below $9,170
As revealed by Mr. Zhu, he foresees significant levels of bull aggression in a thin channel between $9,170 and $9,270. He highlights that this conclusion comes from the analysis of Bitcoin (BTC) futures trading statistics on the Chicago Mercantile Exchange.
The signal identified by Mr. Zhu may refer to an exhaustion gap. Bears may be losing their steam as they failed to prevent Bitcoin (BTC) from re-entering $9K waters familiar to it.
So, right now bulls are trying to take the initiative from their rivals. At press time, Bitcoin (BTC) is changing hands at $9,125 on the majority of spot exchanges.
Today Bitcoin (BTC) dropped to a three-week low amidst stock market uncertainty and the 900 point collapse of the Dow Index.
Bears may not stop at $9,000
For scale, the prediction of Mr. Zhu resonates with the recent forecast from top analyst Michael van de Poppe. As covered by U.Today Crypto News, Mr. van de Poppe suggested that Bitcoin (BTC) may drop to $9,050 before its next upsurge.
However, some analysts believe that the market situation is already bad enough for bulls to remain calm. E.g. Matt David Kaye, managing partner at Blockhead Capital digital asset hedge fund admits that bullish momentum is lost for the king coin.
He is predicting a new period of uncertainty for the flagship cryptocurrency. According to him, the Bitcoin (BTC) price has left its previous patterns and the $8,500 level is on the menu.
Mr. Kaye recommended observing decentralized financial applications. The collapse of the Bitcoin (BTC) price may draw attention to DeFi native assets.