Bitcoin’s Wild Ride: A Crash to $70,000 Looms 😱

by

Oh, dear readers, gather ’round and let me tell you a tale of Bitcoin‘s wild and whimsical journey. The poor little cryptocurrency has been through such a rollercoaster of emotions lately, it’s enough to make even the most stoic of investors feel a bit queasy. 🤢

Now, some folks are starting to whisper that the bear market might just be creeping up on us, like a sneaky little thief in the night. While a few optimists are holding out hope for a glorious price reversal, others are predicting a rather grim future. They say Bitcoin could plummet all the way down to $70,000, wiping out nearly all the gains it made after the US election rally. 😱

One of these naysayers is none other than Arthur Hayes, the co-founder of BitMEX. In a recent prediction, Hayes has painted a rather gloomy picture of Bitcoin’s future. He believes that the value of our beloved crypto could drop to a range between $70,000 and $75,000. 🤦‍♂️

To support his bearish forecast, Hayes shared a 2-hour Bitcoin price chart from BitMEX. He explained that the market might be entering a “cooling phase,” where the price of Bitcoin could decline and consolidate as it tries to find its footing. It’s like when a child runs around the playground, gets all excited, and then suddenly needs to sit down and catch their breath. 🏃‍♂️💨

Hayes pointed out a critical support area on the chart, a blue-shaded zone between $76,000 and $65,000. This is where traders are expected to jump in and start buying, hopefully preventing the price from falling any further. It’s like a safety net for our little Bitcoin friend. 🛡️

But here’s the kicker: Hayes believes that the fate of Bitcoin’s price could be tied to none other than President Donald Trump. If Trump fails to pass a budget that increases spending and raises the debt ceiling, it could lead to a market panic and a rapid sell-off. In other words, if Trump doesn’t play his cards right, Bitcoin could take a nosedive. 📉

And if Trump’s influence over the Republican Party weakens, market uncertainty could grow, leading to even more price fluctuations. It’s like a game of Jenga, where every piece you remove could cause the whole tower to come crashing down. 🏢💥

So, for now, Hayes advises the market to “chill out, retrace, and wait.” It’s a bit like telling a hyperactive puppy to sit and stay. Good luck with that! 🐶😊

Meanwhile, according to MetaEra, the recent 3-day decline in Bitcoin’s price is the steepest drop since the FTX fiasco in 2022. Bitcoin has lost 12.6% of its value in just three days, bringing it down to $86,227. 📉📉📉

The widespread sell-off can be attributed to the disappointment over President Trump’s lack of action on his promises to the crypto community. Before the election, Trump hinted at creating a national Bitcoin Reserve and tightening fiat liquidity conditions. But with no mention of these plans, the market is feeling a bit uneasy. 🤔

Read More

2025-02-28 08:30