GBTC - Bitcoin Dipping: The Usual Inflation Data 'Scam Dump' Or A Strategic Buying Opportunity? | Benzinga
Bitcoin‘s (CRYPTO: BTC) price took a tumble on Tuesday, raising questions about the cause of the sudden drop and its future trajectory.
What Happened: While some analysts are calling it a “scam dump,” others see it as a potential buying opportunity ahead of a key week for the markets.
Data from TradingView recorded a 4% drop, with Bitcoin hitting lows of $66,732 on Bitstamp.
This decline comes as no surprise to some market watchers who see a familiar pattern.
Crypto analyst Gumshoe noted, “This is a scam dump. There have been 4 FOMC’s in 2024, and every single one of them had the same scam dump. BTC dumped 10% in the 48 hours before all of them. On FOMC day, it recovered the entire move.”
Supporting this observation, Jelle, another prominent crypto analyst, highlighted the positive aftermath of Federal Reserve meetings.
“Powell’s press conferences have been good for the market recently. In fact, the past 4 FOMC events have ...