Over the past 30 days, Bitcoin has experienced a significant price dip of around 15%. The most notable correction happened at the end of last week when BTC fell below $54,000 for the first time since February. However, in the past few days, the asset has managed to recover some of its losses and is currently trading at approximately $58,800 according to CoinGecko’s data.
Despite the recent dip in price, many analysts and industry experts remain optimistic about Bitcoin’s future. One such optimist is Anthony Scaramucci, a former White House official and a strong advocate for Bitcoin. Scaramucci attributed the recent price retreat to increased selling pressure, particularly from the Mt. Gox repayments, the German government’s decision to sell off BTC holdings, and the halving that occurred in April.
Scaramucci believes in Bitcoin’s long-term fundamentals and has set a price prediction of $100,000 to be reached before the end of the year. He pointed out that the cryptocurrency exchange FTX plans to repay billions of dollars to its investors, with a significant portion of those individuals likely to reinvest in Bitcoin. This mass accumulation of Bitcoin could reduce the available supply on the market, making the asset scarcer and potentially driving up demand.
The Bitcoin Fear and Greed Index, which measures investor sentiment, recently entered “fear” territory. This is often seen as a potential buying opportunity, as it suggests that the market may be oversold and the price could be near its bottom. When the index drops significantly, it could indicate that the market sentiment is negative, presenting a good opportunity for investors to enter the market.
While Bitcoin’s recent price movements may have caused concern among some investors, many experts remain bullish on the cryptocurrency’s future. With strong long-term fundamentals and potential buying opportunities indicated by the Fear and Greed Index, Bitcoin could be on track for a price rally towards $100,000 in the near future.