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The Bitcoin price has experienced such a serious downward pressure and volatility that many start to believe That the Bear Market may have started. While some analysts hope for a price reputation, others predict a further crash up to $ 70,000, so that almost all profit is erased after the American election rally.
Popular crypto analyst and co-founder of Bitmex Arthur Hayes has shared A bearish prediction for the Bitcoin price. Hayes projects one Further demolition in the value of BitcoinWhat a threatening decrease suggests between $ 70,000 and $ 75,000.
Bitcoin -Prijsscrash up to $ 70,000 per option
The founder of Crypto shared a 2-hour Bitcoin price diagram from Bitmex, which explains how the Pioneer Cryptocurrency could experience this decline and refer macroeconomic factors Donald Trump As a trigger for this price decrease.
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Hayes suggests that the market starts a cooling phase, characterized by a potential retracement to liquidity levels before the elections. A cooling phase is a period in which the price of a cryptocurrency drops and consolidates while the market tries to stabilize. It usually comes after a cryptocurrency one explosive price increase.
Looking at his price diagram, the co-founder of BitMex has determined A question zone Around the blue -colored area between $ 76,000 and $ 65,000. This price range serves as a critical support area, in which traders expect considerable purchase interest, sufficient to prevent further price decreases.
Hayes believes that the Bitcoin price is possible refuse up to $ 70,000 Trumps of Trump’s budget and debt ceiling decision. He suggests that if Trump does not spend a budget that increases the expenditure and increases the debt ceiling, further market capitulation could occur. This means that the market one Fast sale by a large number of investorsThe activation of a panic that can lead to further falls in the Bitcoin price.
In addition, as the influence of Trump weakens on the Republican party, Hayes indicates that market uncertainty could grow, which may be a continuation of the Current Bitcoin decline. In addition, a reduction in debt ceiling can have a negative influence on the liquidation of the market and more price fluctuations.
In general, Haye’s Bearish prospects for Bitcoin are bound by the tax influence of Trump. The co-founder of Bitmex suggests that for the time being the market can only “relax, withdraw and wait.”
BTC’s 3-day decline is highest since FTX-Crash
According to Metaera, the recent 3-day reject The highest crash has been seen in the Bitcoin price since the FTX fiasco in 2022. In the first three days of this week, Bitcoin registered a fall in value of 12.6% and pushed it to the current price of $ 86.227.
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Metaera revealed that the widespread market sales could be attributed to the negative And disappointment about the lack of rapid action by President Trump with regard to his promises to the crypto community. Prior to his election, Trump gave a strong interest to a National Bitcoin Reserve and sharpening Fiat -Liquidity conditions. Without reporting plans regarding these crucial initiatives, the uncertainty looms, which leads to a weakened Market sentiment.
Featured image of Adobe Stock, Chart van TradingView.com