Analyst Says “Rapid Price Recovery” Is Likely For Bitcoin, Here’s Why
Summary
Bitcoin's Coinbase Premium Gap, which tracks the price difference between Coinbase and Binance, has shifted from positive to negative, indicating increased selling pressure from US institutional investors. This coincided with Bitcoin's post-ETF plunge. However, the recent drop in BTC price did not lead to highly negative premium values, suggesting weakening selling pressure from US institutional traders. The analyst suggests a high likelihood of rapid price recovery based on this pattern. Following the latest drop, Bitcoin has broken under the $39,000 level for the first time since the start of December.
