Bitcoin has witnessed a significant drop, falling below $87,000 amid economic and geopolitical concerns. Analysts, however, maintain confidence in the long-term prospects of the cryptocurrency.
Bitcoin Price Drop
Since the start of the week, Bitcoin has fallen by 11%, reaching a three-month low. This is linked to increased macroeconomic and geopolitical fears putting pressure on the crypto market.
Viewpoint of Titan of Crypto
Renowned analyst, Titan of Crypto, asserts that Bitcoin retains a bullish market structure and predicts a sharp rise that could push prices above $125,000. In a social media post, the analyst highlights the 'inverse head and shoulders' figure on Bitcoin's weekly chart.
Analysis of Other Experts
Many experts support Titan of Crypto's optimistic outlook. Analyst Don Alt sees the recent dip as a test of range lows and predicts a possible rebound. While ZeroHedge advises not to panic over current turbulence, CryptoQuant notes active Bitcoin purchases by large investors. However, Standard Chartered's Geoffrey Kendrick urges caution as he anticipates further decline in Bitcoin's price.
Despite the current price decline, expert forecasts indicate potential for significant Bitcoin growth in the future. However, analysts advise remaining vigilant amidst the unstable market environment.
