Cryptocurrency experts at Bitfinex predict a rapid decline in bitcoin

Crypto market analysts believe that Bitcoin BTC $104,012.29 Bitcoin -1.18% Market capitalization $2.07 trillion VOL. 24 hours $1.69 billion is currently at risk of further decline, but the key level for maintaining the potential for recovery is $ 102,000. According to a report by Bitfinex, if Bitcoin stays above the $ 102,000-$ 103,000 range for some time, it will indicate that the market has effectively absorbed the existing selling pressure.

The current macroeconomic instability and military escalation in the Middle East pose high risks to investors, but also offer potential for profit if buyer confidence returns. Despite the volatility, some traders believe that bitcoin is maintaining an upward trend, although the recent drop in quotes after Israeli air strikes on Iran has raised expectations of a new test of the historic high of $ 111,940.

Since the beginning of June, Bitcoin has lost about 0.25% of its value, although the flow of funds into spot Bitcoin ETFs remains positive and reached $ 412.2 million in just six trading days. Bitfinex experts believe that even if the price goes lower, the drop will not be as sharp as in previous years. For example, last August, Bitcoin fell by 20% in ten days.

Historically, the third quarter is considered the weakest quarter for Bitcoin in terms of average returns, but the current situation is reminiscent of periods after which the market often saw a rapid recovery. Some analysts are of the opinion that the bitcoin rate has now reached a certain «ceiling» and is holding near key supports. In particular, trader Daan Crypto Trades notes the importance of the so-called «bull market support band» for maintaining the current dynamics.