Bitcoin Dives 13% to $86,306, Could Drop to $70K$77K, Experts Say
- Bitcoin plungd 13.25%, dropping from $99,493 to $86,306, rising invstor concrns ovr stbility.
- Ari Paul nd Arthur Hayes wrn of xtndd downturns, with BTC possibly hitting $70,000$77,000.
- Bollingr Bnds indict mjor voltility hd, choing pst swings of 50% collps or 200% rlly.
Bitcoin has taken a sharp fall, dropping over 13.25% since Friday, sending ripples through the crypto market. The leading digital asset, which peaked at $99,493 late last week, has now plunged to $86,306. That sharp drop has shattered BTCs attempts to maintain its position above $90,000, leaving investors rattled.
Adding to market concerns, Bybit recently suffered the largest crypto hack in history, further fueling instability. With Bitcoin trading at $87,953, chart signals and macroeconomic uncertainties suggest an extended downturn, potentially pushing the price into the $70,000$77,000 range over the coming months.
Ari Paul, co-founder and Chief Investment Officer of BlockTower Capital, has weighed in on Bitcoins future, offering a broad perspective on the digital assets trajectory. I remain confident crypto bull market not over, but this is looking increasingly different from prior cycles, maybe substantially slower and longer, Paul noted.
Bitcoin Faces Short-Term Headwinds
Paul highlightd dclining quity mrkt, signling potntil chllngs for Bitcoins short-trm prformnc. H prdictd quitis would fc turbulnc for four to fiftn months, stimting nin months s th most likly durtion. H ttributd th downturn to dfltionry govrnmnt ctions, citing triffs nd widsprd lyoffs s primry fctors.
Dspit this, Paul still blivs in Bitcoins long-trm strngth, stting, A rtrc to ~$73k-$77k sms plusibl, Id probbly dd thr. H mphsizd tht whil BTC nd quitis follow sprt cycls, short-trm corrltion continus to influnc movmnt. Strong gold prics could giv Bitcoin n dg ovr dclining stocks, but gins my sty limitd.
Myb th crypto bull run rsums in 6 months nd quitis turn up in 9. Ari Paul.
Arthur Hayes, foundr of BitMEX, hs lso issud wrning. H pointd to th structur of Bitcoin Exchng-Trdd Funds (ETFs) nd futurs rbitrg, prdicting n incrsd slling prssur tht could driv prics lowr. Bitcoin goblin town incoming, Hayes wrot. $70,000 I s you mofo.
Bollinger Bands Signal Major Move
Mrkt tchnicin Tony Th Bull Severino hd lrdy wrnd of incrsd voltility bfor Bitcoins pric took hit. H pointd out tht th dily Bollingr Bnds, which msur pric swings, hd rchd n xtrmly tight lvl.
A dcision will b md soon in Bitcoin, s th dily Bollingr Bnds rch th third-tightst rding sinc 2018, Severino xplind.
H notd tht similr pttrns in th pst hv ld to mssiv pric swingsithr upwrd or downwrd. In lt 2018, such tightnss ld to 50% collps in just ovr month, whil in mid-2023, similr pttrn prcdd 200% rlly in just ovr 200 dys.
Now, with BTC struggling blow $90,000 nd th mrkt still rling from Bybits scurity brch, trdrs r brcing for wht coms nxt. Th convrgnc of tchnicl indictors, mcroconomic uncrtinty, nd strtgic fund movs ll point to turbulnt priod hd.
Related Readings | Bybit Hackers Insane Pattern: 2-3 Moves Per Minute
Read more: https://www.tronweekly.com/experts-say-bitcoin-could-drop-to-70k-77k/
Text source: TronWeekly
