Bitcoin Price Could Crash Further To $70,000 If This Happens
Bitcoin’s price has experienced such severe downward pressure and volatility that many people are starting to start believe The bear market may have begun. While some analysts expect prices to reverse to upside potential, others are expected to collapse further to $70,000, eliminating almost all earnings US election rally.
Popular crypto analyst and co-founder of Bitmex Arthur Hayes shared Bearish forecast of Bitcoin price. Hayes Project Further breakdown of Bitcoin’s valuewhich indicates a near drop of $70,000 to $75,000.
Possibility of Bitcoin price crashing to $70,000
The cryptocurrency founder shared Bitmex’s 2-hour Bitcoin price chart, explaining how Pioneer cryptocurrencies experience this decline, citing macroeconomic factors related to the U.S. president Donald Trump As a trigger for this price decline.
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Hayes believes that the market is entering a cooling phase, characterized by a potential backtrack of liquidity levels before the election. The cooling phase is a period when the price of cryptocurrencies falls and consolidates as the market tries to stabilize. It is usually experienced in cryptocurrency Explosive price increases.
Check out his price list, Bitmex co-founder pointed out Demand area In the blue shaded area, between $76,000 and $65,000. This price range is a key support area where traders expect large purchases of interest, enough to prevent prices from falling.
Hayes believes that Bitcoin price is possible Fall to $70,000 Depends on Trump’s budget and debt ceiling decisions. He suggested that further market capitulation could occur if Trump fails to make budgets through increased spending and raise the debt ceiling. This means the market may experience Rapid selling by a large number of investorstriggering panic, which may lead to further decline in Bitcoin prices.
Additionally, if Trump’s influence on the Republican Party weakens, Hayes shows that market uncertainty may grow and may trigger continuation The current Bitcoin downturn. In addition, reducing debt ceilings may negatively impact market liquidation and contribute to more price volatility.
Overall, Haye’s bearish outlook for Bitcoin is related to Trump’s fiscal impact. BITMEX co-founder suggested that at present, the market can only “relax, trace, and wait”.
BTC’s 3-day drop has the highest since FTX crash
According to Metaera, the last 3 days decline Bitcoin price is the highest collapse since the FTX devastated 2022. Bitcoin’s value fell 12.6% in the first three days of the week, reducing it to its current price of $86,227.
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Metaera reveals that widespread market sell-offs may be attributed to Negative emotions Disappointment with President Trump’s lack of swift action on his commitment to the crypto community. Before being elected, Trump expressed a strong interest National Bitcoin Protection Area And tighten Fiat liquidity conditions. The lack of reference to plans for these key initiatives, and uncertainty is imminent, leading to weaken Market sentiment.
Featured images from Adobe Stock, charts from TradingView.com
