Bitwise прогнозирует вероятность падения биткоина до $70,000 на фоне волатильности рынка Headline: Bitwise Forecasts Potential Bitcoin Drop to $70,000 Amid Market Volatility

The first cryptocurrency is «closer to the bottom than the beginning of the pullback,» although a move towards the lower end of the $70,000-$80,000 range is still a possibility. This was stated by Bitwise CIO Matt Hougan in an interview with CNBC.

On Friday, November 21, Bitcoin plummeted to around $82,000. As of the time of writing, the asset is trading near $84,000. Over the week, its price has fallen by more than 12%, and by 23% over the past month.

Hougan believes that the current sell-off in the asset stems from a clash between short-term fear and long-term confidence. Traders looking for quick profits are reacting to a «global decline in risk appetite, a contraction in trading for companies with cryptocurrency treasuries, and the aftermath of the volatility on October 11.»

«However, long-term investors are starting to appreciate this price level,» the expert noted.

He mentioned that several large institutional entities, such as the Harvard University endowment and the Abu Dhabi Investment Authority, view the Bitcoin correction as a potential entry point.

At the same time, Hougan acknowledged that a downturn closer to $70,000 cannot be ruled out, highlighting $84,000 as a critical resistance level.

«Cryptocurrencies are declining because global liquidity is tightening. Trading for DAT tokens is diminishing. There is a trend towards risk aversion,» he stated.

A similar perspective was shared by Eric Johnston, the chief analyst for stocks and macroeconomics at Cantor Fitzgerald, during a broadcast on CNBC. He pointed out that the sell-off in Bitcoin reflects a broader cycle of risk reduction that has also impacted the oversaturated AI market.

«We entered this with leverage in the system. We took a significant hit, greatly reduced risks, and now everything is cleaner,» Johnston emphasized.

He identified a significantly altered ownership structure compared to previous downturns as a more important factor for digital gold. A substantial amount of the asset is now held by institutional players, and regulatory clarity has improved greatly.

«This has decreased, albeit not completely, overall volatility,» Johnston believes.

Like Hougan, he does not rule out the continuation of the first cryptocurrency’s correction but also describes it as a temporary phenomenon.

It is important to note that the options market does not signal that a bottom has been reached, and traders seem inclined to take the risk of Bitcoin falling below $75,000, as concluded by Glassnode.