BTC may remain on the defensive for some time, presenting a "buy the dip" opportunity to investors, according to Bitwise's Andre Dragosch.We will likely see more pain in the coming weeks as the Fed is stuck between a rock and a hard place, Andre Dragosch, director and head of research Europe at Bitwise.
The so-called hawkish rate projections also roiled sentiment in traditional markets, leading to a 2% drop in the S&P 500 and a 0.8% gain in the dollar index, lifting it to the highest since October 2022. The yield on the 10-year Treasury note, the so-called risk-free rate, rose 14 basis points, "So, it’s quite likely that we will see more pain in the coming weeks, but this could be an interesting buying opportunity given the ongoing tailwinds provided by the BTC supply deficit," Dragosch added.
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