Bitcoin’s price has fallen approximately 38 percent from its recent peak, and a prominent cryptocurrency analyst at Galaxy Digital has warned that it could decline further, potentially dropping below $60,000. As the world’s most well-known and oldest cryptocurrency, Bitcoin has emerged as a popular investment asset in recent years, but it continues to experience volatility and uncertainty. The analyst cited rising market uncertainty, the global economic situation, and other financial factors as possible causes for the price decline. Additionally, global interest rate hikes and changes in financial policies are affecting investor confidence, which could negatively impact the crypto market. A drop below $60,000 would be a significant indicator of the overall health of the crypto market, given Bitcoin’s influential role in setting market trends. Despite the recent downturn, experts believe Bitcoin’s long-term fundamentals remain strong. Investors are advised to exercise caution, consider the current market conditions carefully, and diversify their portfolios to mitigate sudden fluctuations.
Source: decrypt
