New BTC Price Prediction after Bitcoin Loses 20%
Bitcoin is bearish still, even after a quick rebound from the $60K line the previous day, and investor confidence is waning.
Quick overview
- Bitcoin (BTC) has fallen 20% in the past week and nearly 50% from its October high, reaching $66,309 amid intense selling pressure.
- Investors have lost billions as Bitcoin struggles to find support, with predictions suggesting a potential bottom near $60K.
- Market sentiment is low and volatility is high, making short-term positive price predictions for Bitcoin unlikely.
- Despite a brief rebound to $66K, the strong bear trend raises concerns about establishing a solid support level.
Bitcoin (BTC) fell 20% from the previous week and nearly 50% from its October high as it hit $66,309 (BTC/USD) on Friday in a further bearish move prompted by intense selling pressure.
Investors have lost billions of dollars in Bitcoin value over the last two weeks as the coin slid further from its January high of $96.9K and fell below $67K in a dramatic bear trend that shows no signs of stopping.
BTC/USDBitcoin rebounded in January but then fell again in recent weeks as investor confidence in the crypto market diminished. Now, Bitcoin is struggling to find any support, and price predictions are calling for a bottom near $60K and lower. This is an unprecedented bear market for not just Bitcoin but for the wider cryptocurrency space.
Market Volatility Grows, Kills Hopes for Rebound
There are few short-term positive price predictions for Bitcoin or the larger crypto market right now. Market sentiment is incredibly low, and volatility is high. We expect that if Bitcoin were to make some upward progress, it would be quickly lost by intense selling pressure.
Bitcoin dropped to a low of $60,074 on Thursday evening, which is the lowest that the coin has fallen since September of 2024. The quick rebound to $66K is promising, but that does not necessarily mean that $60K is the support level. The coin has been trapped in too strong of a bear trend for too long for a solid support level to be established.
The market is in what is known as a confidence-shaking period. This started back in October and has only worsened in February. What little hope the market had for Bitcoin in January has been eradicated by strong downward movement that has failed to find support for any length of time. We will have to wait and see if next week establishes a support level around $60K or if Bitcoin continues to fall.
Right now, the volatility is so great that any decent price predictions will have to wait it out. There is simply no strong reason to think that Bitcoin is done spiraling downward yet, but investors who can risk it may want to jump in as the coin made a small rebound late Thursday. However, the coin has not returned to its 24-hour high of $70,626, so there is little expectation that it will pick up bull support already.
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