Bitcoin (BTC) has recently experienced a significant decline: at the time of writing, the price is $80,346, reflecting a 6.86% decline in 24 hours. Other cryptocurrencies have also fallen significantly, which has caused concern among investors and traders. Some of them talk about a further potential decline in bitcoin to $70 thousand more often they began to mention crytosima.
Despite this, Standard Chartered analysts have made an optimistic long-term forecast for bitcoin. The bank predicts that the price of digital gold could reach $500 thousand by 2028, due to the expansion of investor access to the asset through exchange-traded funds (ETFs) and a decrease in market volatility. Geoffrey Kendrick, Head of Global Digital Asset Research at Standard Chartered, suggested that institutional inflows will increase with the maturity of the ETF market, which will strengthen the role of bitcoin as a hedge against traditional financial problems.
In the short term, the current movement of the bitcoin price may represent a classic “breakout and retest” pattern. This technical analysis suggests that after overcoming a significant level of resistance (around $73,757), assets often retest this level to confirm its support before starting a significant rise again. Such patterns have been observed in mid-2020 and 2023, leading to new record highs for BTC after retesting.
However, the crypto market is quite unpredictable. Since the beginning of the year, there have been several shocks caused by the strong influence of the actions of the administration of the new US President Donald Trump and Bybit exchange hack for $1.5 billion. The political situation also adds to the tension.
Bitcoin is gradually approaching a critical support level of about $73,757, which market participants are closely monitoring. A drop below this level could mean a further decline in the price.
Sources: CNBC, CoinDesk
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