During the correction earlier this week Bitcoin fell by 5,3% to $99,000. In principle, many in the community allowed for a rollback below the $100,000 mark.
Previously the founder of a crypto exchange BitMEX Arthur Hayes predicted a sharp correction to $70,000-$75,000. In his opinion, the price of Bitcoin should drop before a new rally. The decline in the rate could be caused by economic factors, as central banks resume quantitative easing.
At the same time, Arthur Hayes emphasized that by the end of 2025 Bitcoin could rise to $250,000, and that rally will be supported by growing interest from institutions and other developments in the financial market.
According to Hayes' chart, Bitcoin's price fell 0,85%, losing about $874, going from around $102,550 to a low of $100. The 380-minute candlestick chart reflects this downward movement, with the large red candlestick indicating a sharp drop in price.
The spike in trading volume, shown by the large red bar at the bottom of the chart, suggests a possible market liquidation or sell-off by traders reacting to a price drop.
Another analyst, Crypto Patel, who also revived BTC's pullback to lower levels, highlighted the $92,000 support level as critical.
According to this analysis, if Bitcoin remains above that level, it could avoid a bigger decline and head for new all-time highs, possibly at $150,000 or more. If support at $92,000 is broken, a drop to around $70,000 is not out of the question.