Биткоин опустился до семимесячного минимума, но эксперты предрекают восстановление Translation: Bitcoin drops to a seven-month low, but experts predict recovery

The price of digital gold has dropped below $90,000, reaching a seven-month low at $89,390. As of this writing, the asset is trading at $89,500, having decreased by 6% over the past day.

This decline is attributed to several factors. Institutional investors are taking profits ahead of the year’s end. In the past three weeks, net outflows from U.S. spot bitcoin ETFs have surpassed $3 billion (according to SoSoValue).

«Breaking below the $90,000 mark is a significant psychological moment that highlights the market’s fragility,» stated Rachel Lucas, an analyst at BTC Markets.

The price is also under pressure from short-term traders and funds adjusting their positions. Meanwhile, long-term holders remain confident in the asset, according to Vincent Liu, the CTO of Kronos Research.

«The long-term value of bitcoin as digital gold remains unchanged,» he noted.

In addition to these factors, experts identified other reasons for the drop:

Analysts view the immediate support zone as between $85,000 and $87,000. According to Lucas, the next crucial level is $85,000, while the critical level is $80,000. Breaching this support could drive the price down to $74,000.

To restore buyer confidence, it is essential to return prices above $90,000. Market sentiment remains subdued, with the fear and greed index sitting at 11.

Tom Lee, chairman of BitMine, and Matt Hougan, chief investment officer at Bitwise, believe that the price of the leading cryptocurrency will hit a bottom this week. They suggest that the current levels present an attractive opportunity for long-term investors.

In an interview with CNBC, Lee noted signs of «exhaustion» among sellers. He predicts that by the end of the year, digital gold will not only recover but may also reach a new all-time high amidst a stock market rally.

Hougan agreed with his colleague, describing the current situation as «a gift for long-term investors» and «a once-in-a-generation opportunity.» He stated that bitcoin was the first to react to economic risks and will be the first to begin its recovery.

As a reminder, Bernstein researchers predicted that bitcoin could rise to $200,000 by 2027.