Bloomberg Crypto Analyst: Bitcoin is more likely to go sideways than fall further

Bloomberg crypto analyst Jamie Coutts said on the X platform that Bitcoin has experienced significant price volatility since the yen carry trade began to unwind. Coutts points out several key points: 1. He underestimated the impact of the rapid increase in open interest (OI) and perpetual contract funding rates earlier this year; 2. The neutral stance of the market prior to the unwinding of the yen carry trade has limited the extent of liquidation to date; 3. Although the price of Bitcoin may fall further, the decrease in open interest and negative funding rates indicate that Bitcoin is more likely to move sideways; 4. Central banks are expected to intervene soon, making Bitcoin look attractive at current price levels.