Bitcoin’s price has been incredibly volatile over the past two weeks, dropping to $94,503 and sparking fears of a massive crash in the coming days.
Prominent crypto analysts such as Ali Martinez warned that the price could drastically fall further to $60,000 citing Tone Vays’ forecast of a sharp correction down to around $73,000 if the price falls below $94,000.
Veteran traders like Peter Brant, who predicted the 2018 crash, said he is anticipating a potential decline, as over $3.23 billion worth of bitcoins have been moved to exchanges in the past week, pointing that traders are getting set for a further dip.
While some experts are drawing similarities with the 2018 crash, Brant warned that Bitcoin might fall further below a key support level of $70,000, other experts remain bullish, pinpointing Bitcoin’s transcendency to a key support level at $97,300.
Peradventure Bitcoin surges above this mark and breaks the $100,000 resistance level, it could see a new rise, potentially arching $168,500.
Interestingly, Bitcoin’s Fear and Greed Index remains in the “Greed” zone at 74, indicating that some traders are still hopeful about a potential breakout. Despite the bearish predictions, it’s clear that the crypto market is highly unpredictable, and only time will tell what’s in store for Bitcoin’s price.
