{"id":48439,"date":"2025-02-28T05:00:07","date_gmt":"2025-02-28T05:00:07","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=48439"},"modified":"2025-02-28T05:00:07","modified_gmt":"2025-02-28T05:00:07","slug":"bitcoin-price-could-crash-further-to-70000-if-this-happens","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=48439","title":{"rendered":"Bitcoin Price Could Crash Further To $70,000 If This Happens"},"content":{"rendered":"

The Bitcoin price has experienced such severe downward pressure and volatility that many are starting to believe<\/a> that the bear market may have begun. While some analysts hope for a price reversal to the upside, others predict a further crash to $70,000, eradicating almost all gains achieved after the US election rally<\/a>.\u00a0<\/p>\n

Popular crypto analyst and Co-founder of BitMEX Arthur Hayes has shared<\/a> a bearish prediction for the Bitcoin price. Hayes projects a further breakdown in Bitcoin\u2019s value<\/a>, suggesting an imminent drop between $70,000 and $75,000.\u00a0<\/p>\n

Bitcoin Price Crash To $70,000 A Possibility\u00a0<\/h2>\n

The crypto founder shared a 2-hour Bitcoin price chart from BitMEX, explaining how the pioneer cryptocurrency could experience this decline and citing macroeconomic factors tied to United States (US) President Donald Trump<\/a> as a trigger for this price drawdown.<\/p>\n

Hayes suggests that the market is entering a cooling phase, characterized by a potential retracement to pre-election liquidity levels. A cooling phase is a period during which the price of a cryptocurrency declines and consolidates as the market attempts to stabilize. It typically comes after a cryptocurrency experiences an explosive price increase<\/a>.\u00a0<\/p>\n

Looking at his price chart, the BitMEX Co-founder pinpointed a demand zone<\/a> around the blue-shaded area between $76,000 and $65,000. This price range serves as a critical support area, where traders expect significant buying interest, enough to prevent further price declines.<\/p>\n

Hayes believes that the Bitcoin price\u2019s possible decline to $70,000<\/a> hinges on Trump\u2019s budget and debt ceiling decision. He suggests that if Trump fails to pass a budget that increases spending and raises the debt ceiling, then further market capitulation could occur. This means that the market may undergo a rapid sell-off by a large number of investors<\/a>, triggering a panic that could lead to further declines in the Bitcoin price.\u00a0<\/p>\n

Additionally, if Trump\u2019s influence over the Republican Party weakens, Hayes indicates that market uncertainty could grow, potentially triggering a continuation of the current Bitcoin downturn<\/a>. Moreover, a debt ceiling reduction could negatively impact the market\u2019s liquidation and fuel more price fluctuations.\u00a0<\/p>\n

Overall, Haye\u2019s bearish outlook for Bitcoin is tied to Trump\u2019s fiscal influence. The BitMEX Co-founder suggests that, for now, the market can only \u201cchill out, retrace, and wait.\u201d<\/p>\n

BTC\u2019s 3-Day Decline Marks Highest Since FTX Crash<\/h2>\n

According to MetaEra, the recent 3-day decline<\/a> in the Bitcoin price is the highest crash seen since the FTX fiasco in 2022. In the first three days of this week, Bitcoin recorded a 12.6% drop in value, pushing it down to its current price of $86,227.<\/p>\n

MetaEra revealed that the widespread market sell-off could be attributed to the negative sentiment <\/a>and disappointment over President Trump\u2019s lack of swift action regarding his promises to the crypto community. Prior to his election, Trump indicated a strong interest in creating a national Bitcoin Reserve<\/a> and tightening fiat liquidity conditions. With no mention of plans concerning these crucial initiatives, uncertainty looms, leading to a weakened<\/a> market sentiment.<\/p>","protected":false},"excerpt":{"rendered":"

The Bitcoin price has experienced such severe downward pressure and volatility that many are starting to believe that the bear market may have begun. While some analysts hope for a price reversal to the upside, others predict a further crash to $70,000, eradicating almost all gains achieved after the US election rally.\u00a0 Popular crypto analyst […]<\/p>\n","protected":false},"author":0,"featured_media":48440,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-48439","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/48439"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=48439"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/48439\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/48440"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48439"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48439"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48439"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}