On January 89, the price of Bitcoin fell rapidly, falling below the $93,000 mark. According to CoinGlass data, as of 17:00 on January 8, the price of Bitcoin was $95,901.8, a 24-hour drop of 5.88%.
In the past 24 hours, more than 230,000 people around the world have had their positions liquidated, with a total amount of $712 million. At the same time, mainstream virtual currencies such as Ethereum and Dogecoin have not been spared and have fallen sharply.
In terms of news, Tesla CEO Elon Musk predicted on Tuesday that the prices of cryptocurrencies such as Bitcoin and Dogecoin may fall if the problem of US dollar inflation is resolved.
Since 2024, Bitcoin has overall maintained a strong upward momentum. On December 5, the price of a single Bitcoin first surged to $100,000, reaching a peak of $103,800.
On December 16, Bitcoin suddenly experienced a rapid increase, briefly breaking through $106,000 per coin, setting a new historical high, surpassing the peak reached on December 5.
It is understood that the price of Bitcoin is influenced by various factors including supply and demand patterns, macroeconomic conditions, and market sentiment. Regarding Bitcoin's previous frenzied performance, Wall Street's top technical strategist Katie Stockton recently issued a warning that Bitcoin's upward momentum has weakened, and a prolonged sell-off may occur for several weeks, eventually finding support around $84,500. She also added that if the price of Bitcoin continues to fall, the next support level may be around $73,800.
However, despite the potential for short-term weakness, Katie Stockton still remains optimistic about Bitcoin's long-term prospects, noting that short-term adjustments will provide a good opportunity for position building.
Regarding the future trend of Bitcoin, American billionaire and well-known cryptocurrency investor Michael Novogratz recently stated that Bitcoin will inevitably break through the $100,000 mark, but may subsequently drop by as much as 20%. He believes that the leverage within the cryptocurrency community has reached its limit, leading to adjustments, and stocks and ETFs with concentrated leverage will also face troubles. Investors should be wary of potential risks such as market volatility and regulatory uncertainty, and take appropriate risk management measures.
The well-known Wall Street investment firm Bernstein recently predicted in a report that the price of Bitcoin, the largest cryptocurrency by market capitalization, will continue this year on a "super bull market curve," forecasting that Bitcoin will see another triple-digit increase by 2025, reaching the historic level of $200,000.
