Bitcoin's price has dropped below $100,000 again after reaching this level in early May. This article examines the reasons for the drop and analysts' opinions on the future of the cryptocurrency.
Reasons Behind Bitcoin's Price Drop
The decline in Bitcoin's price occurred amid recent developments in US-Iran relations. This marked the first significant correction after reaching the $100,000 level. Analysts point to short-term macroeconomic shocks as a reason for its instability.
Critical Support Levels
Markus Thielen, founder of 10x Research, noted that the current price dynamics of Bitcoin depend on certain levels. If the price stays above $98,000 and $102,000, there is a chance for an upside. However, falling below these levels could deepen the current correction.
Future of Bitcoin and Altcoins
Despite Thielen's bearish outlook, Eugene Cheung from OSL noted that Bitcoin remains resilient due to institutional investor support, highlighting long-term optimism. Meanwhile, LVRG Research's Nick Ruck suggested that altcoins could outperform Bitcoin in the coming months.
Bitcoin's price continues to face pressure from short-term factors. Analysts offer various opinions on prospects, but most agree that managing risks is essential for investors.
