A latest Bitcoin price prediction from a renowned market expert has spooked investors, as it indicates a heavy crash in the Bitcoin USD price ahead.
According to the expert, BTC price is likely to witness a massive pullback to $70,000 if the bears continue to dominate the bulls.
Meanwhile, this has weighed on the broader market sentiment, especially as Bitcoin price witnessed a dip to below $113k today.
In addition, the institutional interest also appears to be cooling, which has further impacted the risk-bet appetite of traders.
So, here we explore the potential reason behind the recent dip in Bitcoin USD and see what may lie ahead for the flagship crypto.
Bitcoin Price Retests $112k Sparking Concerns
BTC price today has lost more than 8% and hovered near the brief $113k support, indicating a waning risk-bet appetite of traders.
However, its one-day trading volume rose more than 180% to $202 billion, suggesting an increased selling activity in the market.
Notably, the dip in Bitcoin price comes as investors turned cautious amid the hefty $5.6 billion in BTC, ETH, and XRP options expiry.
For context, the options’ expiry often sparks volatility in the market, which usually causes a dip in the assets’ prices.
In addition, the recent comments from Fed Chair Jerome Powell have also weighed on the traders’ sentiment.
Powell has failed to allay the market concerns over the Fed’s upcoming policy rate decision, especially as the US government shutdown has caused uncertainty among traders.
Amid this, a Bitcoin price prediction has caught the eyes of traders, which highlights a looming Bitcoin USD crash.
Analyst Predicts Bitcoin Price Crash to $70,000
Amid the ongoing dip in BTC price, a Bitcoin price prediction from a renowned market expert has turned the investors cautious.
In a recent X post, expert Ali Martinez highlighted Bitcoin USD getting rejected at $124,000, which many thought of as a resistance that flipped into support.
Following the rejection, Martinez has shared the “worst-case scenario” for the asset. According to him, BTC could witness a pullback to $96,000, and if the bears continue to win, it could further drag the price to $70,000.
Meanwhile, the recent hit into Bitcoin USD also aligns with a concerning on-chain report from Lookonchain.
A prominent Bitcoin whale, known for selling 35,991 BTC worth $4.38 billion for 886,371 ETH valued at $3.88 billion a month ago.
The whale has continued to exert selling pressure. This whale recently dumped 3,000 BTC, worth approximately $363.87 million, just two days ago. Further fueling concerns, he is now shorting 3,600 BTC, valued at around $438 million.
On the other hand, the cooling institutional interest has further weighed on traders’ sentiment. According to Farside Investors’ data, the US Spot Bitcoin ETF recorded an inflow of $197.8 million on October 9, its lowest this month.
Can BTC Price Make a Comeback?
Despite the topsy-turvy scenario and the gloomy Bitcoin price prediction, some market experts remain optimistic about a potential recovery for the asset.
In a recent X post, analyst Michael van de Poppe noted that the Bitcoin USD has completed its correction.
This has allayed some of the investors’ concerns, with Poppe highlighting the key levels to watch ahead. Besides, the analyst said that “it’s ready to continue towards new all-time highs,” further lifting investors’ spirits.
According to Poppe’s chart, BTC price may dip to $112,000, which marks a key support for the asset. However, if the support fails, it could drop to $110k or even $107,000.
On the other hand, if Bitcoin USD can break through the $123,288, it could target a new all-time high in the near future.
Having said that, investors should closely watch the key support levels ahead for cues on the potential future movements.
In addition, they should exercise due diligence amid the macroeconomic concerns and the ongoing volatile scenario in the market.