Price Bitcoin risks correction to 72k dollars as a weaker investor

Bitcoin can see a short support correction of $ 72,000 as a direct recovery of the market is still limited by a lack of crypted investor, which fell on lowlights not seen from 2022. years.

Bitcoin (Btc) The price has hit over a three-month low from $ 78,197 28. February, drops over 28% of its record over $ 109,000 reached 20. January.

Bitcoin can experience a deeper spoking according to the “low range of $ 70,000,” according to Ilii Kalchev, distributed analyst on the digital investment platform someone.

However, the “significant drop below $ 75,000 makes less probability,” Cointelegrapha Analyst said, adding:

“Although there could be a temporary return strike, because the market is filled in the blanks left during the fast ascent, Bitcoin will be more likely to establish solid support from 72,000 to $ 80,000.”

“This support could provide a sustainable recovery foundation, reducing the likelihood of deeper indentation,” he said.

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Other analysts also predicted the bottom of Bitcoin near 70,000 dollars at the beginning of 2025. years before the next phase of the rally.

Based on its correlation with a global liquidity index, Right side of bitcoin (RH), denoting the lowest offer that someone is willing to sell the currency, can fall below $ 70,000 around February after reaching near $ 110,000 in January.

First warning of correction at $ 70,000 came from Raoula Pala, Founder and General Director of the Global Macro Investor, when he also predicted Bitcoin would come to “Local Top” above $ 110,000 In January, before the current correction.

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Cripto investor falls on 2022 low

While the analysts expect the Bitcoin to find their bottom and start recovery in the coming weeks, the crypto market remains limited by the lack of investor trust.

Cryptic fear and greed Index – which measures the total crypto market feeling – fell on almost three-year little 20, last seen in July 2022. years, Alternative.me The data show.

The last time the investor’s feeling dropped to similar levels was a month after Bitcoin fell to $ 17,500, experiencing a 37% drop in June 2022. Years.

The decline in the sense of investors is caused by a series of external and crypto-specific factors, the Bitfinek Analysts said, adding:

“Overall, a combination of a sharp drop-down drop, regulatory insecurity, security violations and reducing the value of Altcoin has led to extreme fear at the crypto market.”

“Although not a component of the index, we also see new heights in long liquidations on numerous rinsing, such as 3. February and currents. February moves,” Analysts are added.

Meanwhile, a broader crippto market continues to recover from $ 1.4 billion BITIBIT HACK, which happened 21. February, marking The biggest hack in crypto history.

In a positive signal for the crypto industry, Bibit continued to respect the buyer’s pull and had completely replaced $ 1.4 billion in the ether By February 24, only three days after the attack.

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