Bitcoin Trades Around $57K, Crypto Market Drops 6% in Run-Up to Fed Decision

“There might have been a lot of ‘TradeFi’ tourists in crypto – pushing longs until the halving – this time is now over,” he wrote. “We expect more unwinding as the average Bitcoin ETF buyer will be underwater when Bitcoin trades below $57,300. This will likely lower prices to our target levels and cause a -25% to -29% correction from the $73,000 top – hence our price target of $52,000/$55,000 during the last three weeks.”