Bitcoin Price Prediction after 10% Loss
Bitcoin is bearish even after climbing from $60,000 to $70,000 recently, and investor confidence is very low.
Quick overview
- Bitcoin (BTC) has dropped 10.45% over the past week, currently priced at $70,625 amid strong selling pressure.
- Despite a recent surge, Bitcoin remains 44% below its record high and investor confidence is low.
- The broader cryptocurrency market is experiencing bearish trends, with Ethereum and other altcoins also seeing significant declines.
- Investors are shifting focus to the stock market and precious metals, as economic conditions do not favor a recovery in crypto prices.
Over the last week, Bitcoin (BTC) has fallen 10.45% and is now at $70,625 (BTC/USD), experiencing strong selling pressure and low investor confidence.
The price of Bitcoin is well above the recent low of $60K but still not back to where it was a week ago. The question many investors are asking is whether the BTC rate can hold above $70,000 or if it is due to dip again?
BTC/USDBitcoin simply has not been able to hold onto its value throughout late January and early February. There has been a small surge in the BTC rate since the middle of last week, but any mid- or long-term ranges are going to show that Bitcoin is dangerously low.
Which Direction Is Bitcoin Headed?
Outside of last week, the last time Bitcoin dropped this low was in 2024, and the coin has lost a lot of ground and a lot of good will that it accumulated last year. The BTC rate is about 44% off from its record high and is in a dangerous area where selling pressure remains high. Even the historically low rate is not proving attractive for investors, and it could be that they have seen the coin drop too far for too long to have much confidence in it.
There is widespread bearish activity across the cryptocurrency market, and Ethereum is down nearly as far with a loss of 9.4% over the last week. That coin is 57% below its record high as well.
BNB (BNB) and Solana (SOL) are even worse off, with decreases of more than 18% over the last week. This market-wide decline is serious enough that many investors are simply selling off their crypto tokens and switching over to the stock market or to gold and silver.
In recent weeks, the stock market has hit record highs and remains bullish. Gold is close to a record high, but silver just experienced a 14% selloff. Still, these markets appear more promising for investors right now, and until the bears release their grip on the crypto market, it seems unlikely that Bitcoin will start to recover its significant losses from the past few months.
Bitcoin is just above $70K at the time of writing, and there is a high risk that it will slip below that level like it did last week. Economic factors are not positive enough or promising enough to give the coin much of a boost right now, and we anticipate bearish behavior to continue for the coming weeks.
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