Crypto analysts are weighing in on Bitcoin’s recent price movements and what the future might hold. The overall sentiment is cautious, with predictions of potential further drops.
A Potential Crash Below $83,500?
Analyst Pejman issued a warning: If Bitcoin falls below $83,500, a significant price crash could be on the horizon. This follows a period where Bitcoin rallied to nearly $88,000, seemingly filling a market gap. However, Pejman believes this rally might have been a temporary high, and further drops are possible. He attributes this potential downturn to global trade uncertainties.
Could Bitcoin Drop to $78,000?
Another analyst, Kevin Capital, suggests Bitcoin could plummet as low as $78,000. He points to significant liquidity levels around $78,000-$80,000 and $87,000-$90,000. His theory is that market makers manipulated the price around the $87,000-$90,000 range before a major trade announcement, and a similar price correction is likely at the lower liquidity level.
A Long-Term Bullish Outlook?
Despite the recent price drops and bearish predictions, not everyone is pessimistic. Analyst Rekt Capital remains bullish on Bitcoin’s long-term prospects. He points to a similar 32% drop that occurred earlier in the year, which was followed by a significant price surge to new all-time highs. He suggests that the current downturn might be a similar, temporary correction.
Current Bitcoin Price
At the time of writing, Bitcoin is trading around $83,000, showing a slight decrease over the last 24 hours. The market remains volatile, and investors should be prepared for potential fluctuations.
