Bitcoin, Ethereum, XRP Prices Fall Amid Market Maker Selloff and Rate Hike Fears

Recent analysis by Crypto Wimar highlights several factors contributing to the decline in Bitcoin, Ethereum, and XRP prices:

Wintermute has offloaded 40% of its holdings, impacting BTC, ETH, and XRP prices.
Continued selling pressure as Wintermute dumps millions on Binance.
A potential Japan rate hike could further affect the market. Polymarket gives a 97.4% chance of a 25 basis point increase, influencing yen carry trade dynamics.
BTC, ETH, and XRP have historically dropped after Fed rate cuts; a similar trend is observed following the recent 25 bps cut.
Institutional demand for these cryptocurrencies is waning. Despite this, 117 new companies added BTC to their treasuries this year.
BitMine continues to accumulate ETH despite the downturn.

Potential Drop Below $50,000 for Bitcoin

Analyst Titan of Crypto suggests Bitcoin might fall below $50,000, potentially affecting Ethereum and XRP as well. Observations indicate a possible bear pennant formation. This structure is not favorable in a bull market scenario.

Bitcoin

The accompanying chart predicts a potential drop below $50,000 by February next year. Veteran trader Peter Brandt also supports this view, suggesting BTC is already in a bear market.

Bitcoin