Experts reassure: Even at $70K, Bitcoin remains in bull run mode
Crypto veterans know market corrections happen. Even big ones are part of the game. Those who held Bitcoin in recent years aren't scared now. Some traders are panicking as Bitcoin drops toward $70,000. Are these fears real? Many analysts say no. They think this is a break before a big rise.
Bitcoin hit a peak of $80,301 recently. Then, its price fell over 14% in one week. Why? Big institutions aren't adopting it as fast as some hoped. This made some investors sell.
Experts say this drop is normal in a bull market. Arthur Hayes co-founded BitMEX. He thinks Bitcoin might fall to $70,000. That would be a 36% drop from its high. Hayes said on X, “Be patient." He added that a 36% correction is normal during a bull market.
Aurelie Barthere works as an analyst at Nansen. She says global markets and Bitcoin are in a "macro correction" phase. This is a normal stage when the market is rising.
From 2020 to 2021, central banks made it easier to borrow money. Bitcoin then jumped from $6,000 to $69,000. That's a 1,050% increase. Central bank actions could boost Bitcoin again.
Iliya Kalchev is an analyst at Nexo. He says if Bitcoin drops to $70,000, it will set the stage for a strong comeback.
Is this a small problem or the start of a bear market? Bitcoin veterans know the answer. The market moves in cycles. Corrections are the price for future gains.
The crypto market is up and down. After big gains in 2023 and 2024, it's shaking out weaker players. Erik is an analyst with many followers. He thinks this pullback is good.
Erik says we're near a low point. He believes it will pull back a little, maybe 5-8%. Then, he predicts a big surge upward.
Should we worry or get ready for new highs? Here are some things to think about.
Hayes says US stocks must fall for Bitcoin to rise big. If the S&P 500 drops, governments might support crypto with money.
Bitcoin is different from stocks. The government doesn't step in to help Bitcoin during a crisis. That makes it riskier but stronger in the long run.
Some analysts are hopeful about 2025. They think Bitcoin could go above $160,000 by the end of that year.
The real question is this. Who will stay strong and profit from the next rise?
Binance's CZ says don't panic. Holding on is hard but it has paid off in the past. Patient people get rewards. We'll see who holds on until Bitcoin's next peak.