The correction in the price of Bitcoin deepens. As of today, BTC fell below 80,000 dollars with a loss of 3.10 %. Analysts say the decline is still not over and Bitcoin can hang below $ 70,000. Especially the hard sales wave in the Wall Street increases losses in the crypto money market. In the Altcoin market, there are much more harsh decreases than Bitcoin.
Bitcoin can fall to $ 69,000
Crypto analyst Ali Martinez evaluated critical price levels for Bitcoin. According to Martinez, the level of $ 80,000 is critical for Bitcoin to maintain bull momentum. However, if the BTC loses this level, $ 69,000 is shown as the next support zone. Arthur Hayes, former CEO of Bitmex, said that the price of Bitcoin could decrease up to $ 70,000 by sharing a similar opinion. Hayes considered a decrease of up to 36 %as a normal bull market correction.
“For Bitcoin’s recovery, stock market indices such as $ SPX and $ NDX should fall, some of the traditional financial institutions collapse, and central banks such as Fed, PBOC, ECB and Boj need to implement expansive monetary policies, Hay Hayes advised investors to be cautious. In addition, 2017 and 2021 bull markets Bitcoin’in an average decrease in the range of 35-37 %of the Hayes, this cycle has reached a correction of 25 %so far and more space for the decline, he said.
Will panic sales continue in BTC?
The Blockchain Analysis Platform reported that there is a serious fear of fear among investors and that the expectation that the BTC price would go below $ 70,000 is common. According to centimeter, excessive adverse weather in the markets can be one of the best purchase opportunities. Meanwhile, outlets from Spot Bitcoin ETFs watched an average of $ 300 million per day for three days. This shows that corporate investors’ interest in BTC has decreased. On the other hand, XRP attracts attention with a higher corporate investment flow in recent weeks than BTC.
However, Ark Invest CEO Cathie Wood argues that existing economic developments can lead to a deflationist explosion. Stating that it adopts a long -term and innovation -oriented investment strategy, Wood says that despite the uncertainties in the market, they trust Bitcoin’s long -term potential.
