Bitcoin has fallen to $89000 for the first price in almost seven months. According to CoinGecko’s Bitcoin dataBTC fell by 5.4% during the last 24 hour, 14.7% over the last 7 days, 14% for 14 day charts and 15.9% in comparison to the prior month. BTC has also fallen by 0.8% from November 2024. This wipes out any gains that were made over the past year. Discuss how low BTC price could go.
Can Bitcoin go lower than $89000?
Crypto market most likely reflects the lower expectations for another rate cut by 2025. Jerome Powell, the Federal Reserve chair’s warning speech in October may have further scared away investors from risky assets. Bitcoin (BTC), and perhaps the entire crypto market, are likely reacting to macroeconomic changes.
The ETF outflows are another factor that impacts the crypto market. The Bitcoin (BTC), Ethereum (ETH), and other ETFs experienced significant outflows in the past few months. The ETFs played an important role in the price movement of Bitcoin (BTC) this cycle. The price of BTC has been affected by a drop in ETF flows.
Markets have fallen even more in the past 24 hours. According to CoinGlass data, the crypto market faced $1.02 billion worth of liquidations Last 24 Hours
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The market may rebound within the next couple of weeks. Investors could take advantage of the current low prices and buy on the dip. Bitcoin (BTC’s) value could fall further due to geopolitical tensions and a general risk-off attitude. Some people have predicted that Bitcoin’s price will fall to as low as $56,000. The market for crypto is volatile and could move in either direction. The future is uncertain.
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Source: watcher.guru
