Bitcoin Price Recovers to $113,000 Amid Forecasted 20% Decline
The price of Bitcoin opened with a slight recovery, reaching $113,000 after dipping to $109,000, considered a key support level. Despite this bounce, experts warn of potential further declines.
Potential Bitcoin Price Decline
- Analyst Doctor Profit forecasts BTC may drop to between $90,000 and $94,000, suggesting a 20% decrease.
- He predicts a short-term target around $106,000, where a minor bounce could occur before another potential drop.
- Economic concerns such as Japan’s bond yield and repo-to-reserves ratios indicate possible funding stress and forced selling.
- Doctor Profit highlights significant resistance levels in major market charts like the Dow Jones.
- Recent increases in retail investor inflows contrast with high insider selling, indicating a possible market disconnect.
October Outlook
- Contrary to Doctor Profit, Timothy Peterson sees potential for positive Bitcoin movements in October based on historical trends.
- Peterson outlines bullish scenarios, projecting prices up to $240,000 or conservatively to $160,000.
- The possibility remains for Bitcoin to dip below $100,000 by September's end, needing only a 9% decline.
