The price of bitcoin is threatened with a serious pullback; Did the banking crisis not help BTC?

Bitcoin (BTC), the world's largest digital asset, is booming amid the bank crash. Bitcoin price has gained 20% in the last 30 days and hit the all-important $28,000 level. However, an analysis of Tether's (USDT) market behavior suggests that the price of Bitcoin could face a significant drop.

According to Dr. Profit, the crypto market analyst notes that the more Tether prints USDT, the more it affects the price of bitcoin. He pointed out that during the period when USDT's market cap reached its all-time high (ATH) of $83.5 billion, the price of BTC immediately jumped from $40,000 to $20,000.

However, USDT currently has a market cap of $79 billion, while Bitcoin is around $28,000. According to the analyst, as long as Tether is under pressure, the price of BTC will continue to rise. Once this process stops, Bitcoin will see a healthy rise as the largest cryptocurrency, trading between $19,000 and $21,000 two months ago.

Analysts say Bitcoin's jump from $16,000 to $21,000 was a healthy pump and the rest is just a trap. He added that the recent rally was not due to people running away from banks and buying bitcoins. He added that bullishness is the biggest risk here, even if Bitcoin's price could surge above $30,000 some time later.

Bitcoin's price has fallen slightly in the last 24 hours. Average price at press time is $27,908. The volume of 24-hour transactions fell 4% to $14.2 billion.