Analysts are cautioning against a potential drop in Bitcoin prices amid negative market sentiments driven by US trade tariffs.
Forecasts on Bitcoin Price Decline
Recent analyses suggest that Bitcoin's price may fall to $70,000 within the next ten days due to the impact of increased trade tariffs by the US, which could influence risk assets.
Timothy Peterson's Analysis
Economist Timothy Peterson pointed out that current data indicates a likelihood of Bitcoin dropping to $70,000. 'If it continues to track along the 75th percentile bear market range, then $70,000 would be the practical bottom,' he stated.
Current Market Situation
The market is experiencing high levels of pessimism. The analytics firm Glassnode reported that traders are actively seeking protection from further price declines. 'Panic is elevated, but the price is holding steady,' emphasizes Glassnode.
Current forecasts for Bitcoin remain negative, and the market continues to face pressure. Investors should closely monitor changes and carefully assess their positions.
