Bitcoin has suddenly dropped toward $100,000, accelerating a sell-off that hit the bitcoin price last week and sparked fears of a wider crypto crash.
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The bitcoin price has plunged under $105,000 per bitcoin for the first time since June, with traders fearful a huge bitcoin price crash could be just around the corner as the combined crypto market loses $600 billion in just over a week.
Now, as Tesla billionaire Elon Musk breaks his silence on bitcoin, traders are scrambling to predict just how low the bitcoin price could go after it hit an all-time high of around $126,000 earlier this month.
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Bitcoin has dived as a sudden bitcoin price and crypto sell-off wipes $600 billion from the combined crypto market.
AFP via Getty Images
“Some analysts are wringing their hands, thinking bitcoin could drop into the $90,000s or $80,000s,” Lark Davis, the author of the Wealth Mastery newsletter wrote in an emailed note.
“The crypto market resumed its decline on Friday, falling 5% in 24 hours to $3.57 trillion,” Alex Kuptsikevich, chief market analyst at FxPro, said in emailed comments.
“This time, it looks more like a painful reflex after the events of a week ago. But this is an even more dangerous dynamic because we are not seeing a slip in a thin market, but rather a massive sell-off in search of a new bottom. We will closely monitor market dynamics at the 200-day moving average of $3.5 trillion, where there could be a sharp rebound at the end of June or a further decline in March.”
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The bitcoin price has fallen sharply, parking fears of a bitcoin price crash.
Forbes Digital Assets
The bitcoin price has dropped as gold has surged to fresh all-time highs, damaging bitcoin’s reputation as “digital gold.”
“Bitcoin is now down 32% priced in gold since its August high,” Peter Schiff, an investor and gold bull who’s known for his opposition to bitcoin, posted to X. “This bitcoin bear market will be brutal. HODLers, sell your fool’s gold now and buy the real thing, or have fun going broke.”