Bitcoin price could drop to $70,000 due to market conditions
Recent fluctuations in the price of Bitcoin have led experts, such as cryptocurrency veteran Peter Brandt, to predict a drop to $70,000 if market support doesn't hold
The value of Bitcoin, the market’s leading cryptocurrency, recently fell below $86,000. Veteran analyst Peter Brandt was quick to point out that without market support, the price of BTC could reach $70,000.
Brandt closely monitors movements in the value of the digital currency globally, but also government announcements that could impact this indicator, such as inflation, domestic consumption, and the sale of other assets.
The trend appears to be continuing downward, also driven by the “broader sell-off across several assets, which has caused Bitcoin trading volume to decline 2.4%, to a total of $25.8 billion.”
The specialist notes that the release of the PCE inflation rate is still awaited, as that data could trigger strong selling pressure, which would further drive Bitcoin down.
M.Pino
Source: cripto247
(Reference image source: Kanchanara on Unsplash)
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