Bitcoin has fallen below $80,000 per bitcoin as a cryptocurrency decline accelerates, erasing $1 trillion from the total market value and raising concerns about further losses.
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The price of bitcoin is approximately 25% lower than its peak of nearly $110,000, as insiders raise alarms about potential bitcoin price “manipulation.”
As investors are advised against “buying the dip,” analysts are speculating on the potential depth of the bitcoin price correction and whether it could lead to a substantial market crash.
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Former U.S. President Donald Trump’s recent wave of international tariffs have been implicated in bitcoin’s … [+]
“From a technical standpoint, the next key level for bitcoin’s price is around $70,000, acting as a solid support zone,” stated Ruslan Lienkha, head of markets at the bitcoin and crypto platform YouHodler, in an email.
“However, we will only reach this level if negative sentiment prevails in the equity markets. U.S. stock indices have been in decline for several consecutive days, yet it’s still too early to conclude a long-term uptrend has ended; this could simply be a market correction,” he added.
“Bitcoin is exhibiting a classic ascending broadening wedge pattern, which forecasts a target price in the early $70,000s,” remarked Markus Thielen, founder of 10x Research, in an email.
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The price of bitcoin has significantly decreased from its record highs.
Analysts also pointed to the escalating international trade tensions initiated by U.S. President Donald Trump as a key factor contributing to the recent downturn in the crypto market, coinciding with the U.S. stock market’s decline from record highs.
“Currently, the crypto market feels quite uneasy, reflected in a 21 reading on the Crypto Fear & Greed index—the lowest it has been since September,” noted Agne Linge, head of growth at decentralized on-chain bank WeFi, in an email.
“With tariffs on Canada and Mexico slated to take effect on March 5, the broader stock market is responding to the anticipated economic ramifications. Many investors may continue to shift capital away from high-risk assets, which offer no solid protection from these trade conflicts. Given the prevailing economic uncertainties in the region, investors are seeking stability, whereas bitcoin, with its inherent volatility, does not provide that assurance in the immediate future.”
