Bitcoin Crashes: Experts Warn Of 6-Month Slump To $73,000

Bitcoin has experienced a significant price drop of over -8.8% following the recent hack on Bybit, the largest crypto hack in history. The price of Bitcoin reached a high of $99,493 before falling to around $91,500 at the time of writing, marking a -5.5% decrease since Monday. This drop has shattered Bitcoin’s attempt to stay above $95,000 and has put it at risk of losing its crucial 97-day trading range between $91,000 and $102,000. Additionally, Bitcoin’s price has broken below the descending trend channel that has been in place since January 20.

Experts like Ari Paul and Arthur Hayes have shared their insights on the future of Bitcoin. Ari Paul predicts that Bitcoin will act like a combination of gold and the S&P 500, potentially retracing to $73,000-$77,000 in the near future. He remains confident that the crypto bull market is not over, but acknowledges that the current cycle may be slower and longer than previous ones. Arthur Hayes warns of an imminent downward push in the market, driven by Bitcoin ETFs and futures market arbitrage.

Despite the ongoing volatility, market technicians like Tony “The Bull” Severino have highlighted the potential for a significant price swing in Bitcoin. The market is currently facing uncertainties stemming from macroeconomic factors, complex trading strategies, and the aftermath of the Bybit hack, which may extend the current slump to the $73,000-$77,000 range in the coming months.

However, experts like Chris Burniske believe that the current market correction is not necessarily indicative of a bear market. Burniske points out that similar mid-bull resets have occurred in previous cycles, suggesting that a full-blown bear market may not be imminent.

At the time of writing, Bitcoin is trading at $90,537, and the market outlook remains uncertain. Traders and investors are advised to closely monitor market signals and developments to navigate the current landscape effectively.