In recent weeks, Bitcoin has shown a significant decline in prices following a record high exceeding $124,000. This article examines the current situation and forecasts for future fluctuations.
Current Bitcoin Price Overview
Since reaching a new high in mid-August, when Bitcoin’s price surpassed $124,000, there has been a noticeable downward trend. Currently, Bitcoin has been fluctuating below the $110,000 mark, marking the first time in six weeks.
Analysts' Predictions on Price Drops
Some analysts suggest that Bitcoin could reach $200,000 by 2026. However, according to Polymarket data, 62% of market participants currently expect a drop below $100,000 by the end of the year. Users have become more confident about this scenario after the recent price decline.
Market Factors Affecting Price Formation
Presto Research analyst Min Jung noted that institutional buyers and companies have so far prevented sellers, such as large investors and whales, from driving prices down. However, if large investors begin to sell aggressively, this could lead to a sharp price drop below $100,000. According to Jung:
> “So far, the large-scale selling by whales and long-term investors has been met with sufficient buying demand... However, if these large investors begin closing their positions more aggressively, the real question will be whether there are enough new investors to meet this supply.
The situation with Bitcoin prices remains tense. It is important to monitor market dynamics and the reactions of large investors to predict future price changes.
