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Bitcoin (BTC) fell sharply to $60,000 at the beginning of February. Since then, it has fluctuated between $63,000 and $70,000, and Bitcoin continues its fight to reach $70,000.
While some analysts believe Bitcoin may experience further declines, others predict a rise or consolidation.
At this point, Bloomberg Intelligence Senior Commodity Strategist Mike McGlone notes that Bitcoin could fall below $10,000 amid a repricing of risk assets driven by macroeconomic factors.
While McGlone maintained his bearish outlook, many market analysts disagreed with this scenario.
AdLunam co-founder and market analyst Jason Fernandes said that a macroeconomic slowdown would not necessarily lead to a drop to $10,000. However, Fernandes argues that Bitcoin could experience further declines, possibly down to $40,000 or $50,000.
PrimeXBT senior analyst Jonatan Randin also stated that Bitcoin could experience further declines, but that the $10,000 prediction is unlikely.
At this point, Randin states that he expects Bitcoin to fall further in the coming months, with the next major accumulation zone potentially being between $30,000 and $40,000.
However, he added that in the short term, he expects bitcoin to largely remain between $60,000 and $70,000.
*This is not investment advice.