- Bitcoin faces a 3.65% correction, dropping to $101,146 in 24 hours.
- Arthur Hayes predicts a possible drop to $70K-$75K before a major rally to $250K by 2025.
- Holding above $92K support could lead Bitcoin to new highs while breaking it risks $70K.
In what is the latest in market correction, Bitcoin has taken a hit, slipping 4.45% in the past day to now at $100,380. This dip comes after a period of gains, so now the discussion on where the price is headed to, next.
Analyst Arthur Hayes who has sided with Bitcoin, in the best and worst of times, has said there is a sharp correction down to $70,000 – $75,000 soon. Others, like Crypto Patel, are eyeing key support levels to determine whether Bitcoin can maintain its upward momentum or face further drops.
Arthur Hayes Predicts a Short-Term Dip
Arthur Hayes, the former BitMEX CEO, thinks Bitcoin’s price could fall before another rally. Hayes suggests Bitcoin may drop to around $70,000 to $75,000 soon, triggering a minor financial shake-up, and this decline could be caused by economic factors as central banks restart quantitative easing.
Looking ahead, though, Hayes predicts Bitcoin could climb to $250,000 by the end of 2025, driven by growing interest from institutions and other financial market developments.
Related: Bitcoin Price Crash? Arthur Hayes Predicts March Meltdown
Bitcoin Sees a Sharp Decline
Based on Hayes’ chart data, Bitcoin’s price fell 0.85%, a loss of about $874, going from around $102,550 to a low of $100,380. The 30-minute candlestick chart shows this downward move, with a large red candlestick marking the sharp price drop.
However, the jump in trading volume, shown by a large red bar at the bottom of the chart, hints at a possible market liquidation or sell-offs from traders who are reacting to the price drop.
Related: Arthur Hayes Links Bitcoin Growth to U.S. Monetary Decisions
The $92,000 Support: Will It Hold?
Also weighing in, Crypto Patel, another analyst, has highlighted the $92,000 support level as crucial for Bitcoin.
Patel’s analysis indicates that if Bitcoin stays above this level, it could sidestep a bigger downturn and head towards new all-time highs (ATH), possibly hitting $150,000 or more. On the flip side, if the $92,000 support breaks, a drop to around $70,000 could be on the horizon.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
