Bitcoin prices continue to fall after hitting an all-time high in August, and analysts from Bitfinex predict further losses if current conditions persist.
Bitcoin Prices and Current Levels
Bitcoin has dropped more than 13% from its peak above $124,000 in August. Currently, the price has fallen below the psychological level of $110,000, reaching as low as $107,480. At present, it is hovering around $109,000.
Market Analysis and Predictions
Bitfinex analysts suggest that the support level for Bitcoin could be in the range of $93,000–$95,000, which they believe reflects a reasonable recovery point. They point to a combination of technical indicators and historical data that predict further declines in the market.
Bitcoin's Future: Support and Catalysts
Despite current downturns, analysts remain optimistic about the fourth quarter, predicting a recovery amid macroeconomic shifts and rising institutional demand. Potential changes in Federal Reserve policy could also positively influence the market.
Overall, the Bitcoin market continues to face challenges; however, expectations for recovery remain in light of potential catalysts in the future.
