Will the decline in Bitcoin (BTC) intensify further?

Bitcoin (BTC), the world's most valuable cryptocurrency in terms of market capitalization, has lost 15% of its value since reaching an all-time high (ATH) of $108,000. While the downward movement of BTC is confusing the market, some analysts are signaling that the decline could intensify.

The signal of the drop that the analyst presses is the increasing dominance of the largest stablecoin Tether (USDT) in the market. Indeed, the USDT.D metric, which measures Tether's dominance in the market, showed a recovery trend compared to previous months. A TradingView analyst noted that traders are moving their capital to USDT due to high market volatility and downward expectations.

Is a trap coming in Bitcoin?

TradingView analyst ForexX Mindset predicted that this situation could bring a decline to Bitcoin and said that a pump and dump strategy would be followed.

The analyst, who said, "There will probably be a sharp rise in price, which will be convincing for people to think that the market will rise even more," added: Please provide the text to be translated.

*"But don't believe this. It's a trap. A big drop will come right after the rise, and those who fall into the trap will lose what they have."

"There may be some strange movements in the price of Bitcoin"

Another analyst expecting a short-term decline in Bitcoin mentioned that in the weeks leading up to the 'altcoin season,' there could be 'some strange price movements.' Addressing his 236,000 followers on X (formerly known as Twitter) platform, Altcoin Sherpa shared a chart showing price levels of 90,000 and 87,000 on the BTC price chart and said the following:

"I wouldn't be surprised if BTC makes such a move. During the altcoin season and in the weeks before the journey towards the moon in terms of price, some strange price movements may be observed. Nevertheless, I still have expectations of an upward trend."

Altcoin Sherpa stated that the monthly price performance of Bitcoin does not look great but it is not the worst either, saying "there is a neutral picture and this can last for a few more days".

"Stay away from the futures market" warning

The analyst also warns that Bitcoin could continue to trade in a range of about $99,000 to $92,000 before a new trend emerges in either direction.

"The current level of BTC is not a good place to open long and short positions. Don't waste it."

After reaching the ATH point, Bitcoin entered a downward trend on December 17th and lost 3.73% in the past week. BTC, which fell by 2% in the last 24 hours, is currently trading at $94,482 at the time of writing the news.

Bitcoin's value in the crypto market had risen to $2.14 trillion last month. However, in the past two weeks, BTC's market value has dropped to $1.8 trillion.

This article does not contain investment advice or recommendation. Every investment and trading activity carries risks, and readers should conduct their own research when making decisions.