Bitcoin Price Expected to Drop to $70,000 Amid Market Caution
Market analyst Arthur Hayes has shared insights on Bitcoin's recent price drop below $100,000 amid a broader market downturn.
Market Overview
- Bitcoin declined by approximately 6%
- Altcoins like Ethereum, Solana, XRP, Dogecoin, and Cardano fell by 8% to 13%
- Market caution prevails ahead of the US Federal Reserve's FOMC meeting and interest rate decision
Hayes' Price Forecast
- Hayes predicts Bitcoin may drop to $70,000 before recovering
- Describes the situation as a "mini financial crisis" with a short duration
- Expects Bitcoin to reach $250,000 by 2025 once the Fed resumes money printing
Other analysts, such as CryptoQuant CEO Ki Young Ju, support a bullish long-term outlook for Bitcoin. Current Bitcoin price stands at $99,090, down 5.7% in 24 hours. A break above $106,000 is necessary for potential recovery.