Bitcoin Price Forecast Aligns With US Debt Default Plans

Also Read: Billionaire Mark Cuban Believes SECs Attack On Crypto Tokens Won’t Work

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In this context, McCarthy is set to speak in a press conference on Wednesday. Overall, a word of commitment about efforts to avoid the default is the need of the hour, not just for the stock markets but also the Crypto Market.

Bitcoin Price Lacks Support Ahead Of US Debt Ceiling Deadline

The US Treasury Secretary said it would be hard to predict the exact timeline for when the default will kick in if a deal is not met. Earlier, Yellen warned that in case of a US debt default, there could be massive losses in stock markets, to the tune of around 45%.

“Even in the run up to possible default, there will likely be substantial financial market distress. We are committed to not having missed payments, (I am) not involved in planning for what happens if there is a default.”

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Meanwhile, not all is favorable for a Bitcoin price jump, despite chances of a debt default. Going by the recent US regional banking crisis experience, the Crypto Market could see some positive momentum. However, the top cryptocurrency shows signs of probability of a Bitcoin price correction between the $23,200 and $24,000 range, according to Ali Charts.

“Notice that #Bitcoin appears to be losing all major areas of support. This increases the probability of a correction to the next important demand wall between $23,200 and $24,000, where 850,000 addresses had previously purchased 340,000 $BTC.”

Also Read: Bitcoin (BTC) Price Breaking Under Crucial Support Levels, $23,000 Coming?

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