Bitcoin's price has decreased by 8.5% from its peak values in mid-August, triggering a correction in the cryptocurrency markets. Experts provide their forecasts for the future.
Bitcoin's Price Drop
The recent 8.5% drop in Bitcoin from its mid-August peak has prompted a broad correction in the cryptocurrency market. Over the past 24 hours, nearly $451 million in liquidations have been recorded across crypto markets, including the largest Bitcoin order on Binance, which amounted to $9.7 million.
US Producer Price Index Data
The decline in Bitcoin's price was triggered by unexpectedly high data from the US producer price index, shaking hopes for Federal Reserve rate cuts. Analysts point to a support level at $112,000, warning that a break below $110,000 could incite panic selling and push prices down to $100,000.
Future Outlook
Despite the short-term downward pressure, some analysts remain optimistic about Bitcoin's future. CoinCodex's forecasts suggest that momentum may return after the current correction, potentially setting the stage for another rally as the year concludes.
Bitcoin's price remains under pressure, but analysts predict a potential recovery in the coming months despite current fluctuations and external influences.
