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Bitcoin Price Heading Toward $70,000 Again?
After President Donald Trump’s announcement on Sunday regarding the establishment of strategic US crypto reserves, Bitcoin experienced a brief rally that saw its price surge to $93,000. However, this upward momentum faced a rejection once again as Trump’s tariffs took effect, dampening the market’s optimism. While the executive order regarding crypto reserves created some initial excitement, market analysts point out that this order still requires Congressional approval before it can be fully implemented. This creates uncertainty in the short-term outlook for Bitcoin, as the market waits for further clarity on the legislation.
As of the latest data, Bitcoin has seen a notable decline of 10.23%, with its price settling around $83,500. Daily trading volumes, however, have increased by 15%, reaching $77 billion, indicating that investor interest is still relatively high despite the downturn. Analysts are forecasting that Bitcoin could experience a further drop, potentially falling within the range of $70,000 to $75,000, before a larger upward trend can materialize. This anticipated dip is viewed as part of the natural volatility in the crypto market, with some analysts suggesting that it may be a healthy correction before a full recovery.
Arthur Hayes, the former CEO of BitMEX, has voiced his confidence in Bitcoin’s long-term bullish outlook, stating that despite the current price decline, Bitcoin is still in a strong upward cycle. However, Hayes also pointed out that the worst-case scenario for Bitcoin could see its price bottom out around $70,000, aligning with the all-time high from the previous market cycle. This level of support would be seen as a strong base before Bitcoin could bounce back and continue its ascent.
In addition to Hayes, well-known crypto analyst KALEO shared a similar sentiment, explaining that the recent market behavior, where Bitcoin and altcoins experienced a significant surge followed by a full retracement, suggests that Bitcoin might experience another leg down, potentially reaching the low $70,000s before resuming its bullish trend. KALEO’s analysis indicates that this price range could provide the necessary support for a recovery, and the overall market should not be surprised if Bitcoin tests these levels once again before pushing higher.
What’s Next for Altcoins?
The past month has not been kind to altcoins, with many experiencing significant price declines, particularly throughout February. Major altcoins such as Ethereum (ETH), Solana (SOL), XRP, and Cardano (ADA) have been under heavy selling pressure, with prices correcting by as much as 25% over the course of the month. This widespread downturn has left investors feeling uncertain about the future of altcoins, as the broader market struggles to regain momentum.
The crash in altcoin prices has intensified in the last 24 hours, with Ethereum’s price dropping dramatically to around $2,000, marking a serious blow to its price performance. Ethereum is now on track to record its worst-performing Q1 in history, with the ongoing sell-off showing no signs of abating. Analysts have advised investors to remain calm and avoid panic selling during these volatile times. Michael van de Poppe, a respected market analyst, urged patience, explaining that altcoins are giving back their previous gains against Bitcoin, which has contributed to the market’s bearish sentiment. According to van de Poppe, the desire to exit the market and sell on every upward movement is driving the current trend. He advises that things will take time to stabilize, and it is crucial for investors to hold steady during this period.
At present, the market sentiment surrounding an altcoin season is at an all-time low, particularly when compared to the high expectations at the beginning of the year. While the optimism for altcoins was once high, the ongoing downtrend has caused a significant shift in sentiment, with investors now more cautious about entering or adding to their positions in the altcoin market. However, as with Bitcoin, the crypto market is notorious for its volatility, and a rebound could be on the horizon once the market stabilizes. The coming weeks may provide clearer insights into whether altcoins can recover from their current setbacks and position themselves for future gains.
