New Bitcoin Price Prediction on Sharp 8.45% Drop
Bitcoin is falling even further this week in response to a bearish stock market and could have trouble getting back to $100K this year.
Quick overview
- Bitcoin (BTC) experienced a significant decline of 8.45% on Monday, dropping to $83,909 after reaching $92K before the weekend.
- The cryptocurrency is struggling to break the $90K resistance level, which may hinder its chances of reaching a new all-time high before the end of the year.
- Bitcoin's recent price movements are closely linked to the stock market, with a small dip in stock indices leading to a sharp decline in BTC value.
- Investor confidence has waned, and it is anticipated that Bitcoin will remain below $100K until at least 2026.
Bitcoin (BTC) has fallen steeply again with a decline of 8.45% on Monday after the coin managed to make it as high as $92K before the weekend.
At the start of December, Bitcoin dropped to $83,909 (BTC/USD), which is back to its November low point and far from the October all-time high. This could indicate a strong resistance level being built up even lower than the expected $90K.
BTC/USDNow, it looks like Bitcoin may not be able to pass $90K anytime soon, as it has had repeated trouble breaking that barrier recently. This could hinder its chances of setting a record before the end of the year and even make it unlikely that Bitcoin will surpass the $100K level before 2025 is over.
Bitcoin Extremely Bearish
It appears that Bitcoin’s movements are becoming closely tied to the stock market. As the market dipped today, Bitcoin fell sharply. Even though the decreases for stock market indices were less than 1% for the Dow, S&P 500 and Nasdaq, Bitcoin has dropped more than 8% for Monday. In other words, a small decrease for the stock market has led to a steep decline for BTC.
This marks one of the steepest drop offs for Bitcoin in months, and it bodes poorly for the coin’s prospects of getting back above $100K or making back its lost November price, even though that is well below the all-time high.
Throughout November, Bitcoin lost about $18,000 in value, and investors are rightly worried about where the coin is going to go from here. We think it is unlikely that BTC will recover quickly at this point. Bitcoin has spent too much time below $100K and too much time without a new record high. The coin has lost investor confidence and will likely spend the rest of the year floundering.
The previous drop to this level was not as catastrophic, since it had been months since the coin was that low, but now with two readings below $85K in a short period of time, Bitcoin is in a poor strategic position. The coin is very likely to stay low for the next few weeks, and we anticipate that it will not surge above $100K until perhaps 2026.
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