Bitcoin price crisis at $70,000...diverging expert forecasts

Bitcoin’s coin price is approaching a sharp decline. Amid broad market corrections on Thursday, cryptocurrencies showed particularly weak performance, and currently Bitcoin is on the verge of breaking its technical support level. While the Nasdaq and gold markets rebounded from lows, cryptocurrencies failed to benefit from that recovery, highlighting how many market concerns are currently surrounding Bitcoin’s price.

Increasing Relative Weakness in the Cryptocurrency Market

Over the past 24 hours, Bitcoin has fallen about 6%, dropping to $70,540. This is close to the lower end of its price range maintained for two months, and experts warn that if this support breaks, a deeper correction could follow.

At the same time, altcoins are also shaken. Ethereum (ETH) declined about 4% in 24 hours, Solana (SOL) fell over 5%. XRP and Dogecoin (DOGE) each dropped 2-3%, and crypto-related assets like Coinbase (COIN), Circle (CRCL), and MicroStrategy (MSTR) lost 5-10%. This indicates widespread weakness across the crypto market.

Support Level Break Could Drop Price to $70,000

Matt Mena, a crypto research strategist at 21Shares, emphasized that maintaining Bitcoin’s support at $84,000 is “very important.” If this level fails, the next target is $80,000, where buying interest emerged in November, and below that, the low of $75,000 recorded earlier this year during tariff debates.

Some experts present a more pessimistic scenario. John Glover, Chief Investment Officer at Ledn, said the current sell-off is part of a broad correction starting from the record high of $126,000 in October, and Bitcoin could fall as much as 43% to $71,000. Russell Thompson, CIO at Hilbert Group, also indicated that “all technical support levels have been broken, and no clear support remains,” suggesting Bitcoin could drop to $70,000.

Diminished Status of Bitcoin as a Risk Asset

The reason experts are so concerned isn’t just technical weakness. Glover pointed out that Bitcoin is still regarded as a risk asset. Amid fears over the US dollar and Treasury bonds, investors are seeking alternative havens like gold and Swiss francs, while Bitcoin is being sold along with stocks. Many expected Bitcoin to function as “digital gold,” but the current reality is different.

With US political uncertainty as a major factor, Glover believes that once markets stabilize, Bitcoin could rebound. “This situation is somewhat temporary, and we expect Bitcoin’s price to recover within the next few quarters,” he said.

Diverging Expectations Among Experts… Is an Upside Scenario Possible?

However, strategist Matt Mena remains optimistic despite current difficulties. He considers the current price levels an “attractive entry point” and expects Bitcoin to reach $100,000 by the end of Q1. If macroeconomic conditions permit, he also sees the possibility of surpassing the previous all-time high of over $126,000.

This view treats the current correction as a short-term trading opportunity. With concerns about support levels and hopes for a recovery in upward momentum, the next move in Bitcoin’s price will depend on macroeconomic indicators and risk appetite shifts.

Market Reaction Expected in the Near Future

Experts suggest that Bitcoin’s future movement could be influenced by oil prices and Middle Eastern geopolitical developments. If external factors resolve positively, Bitcoin could retest support around $74,000–$76,000. If conditions worsen, it could fall into the mid-$60,000s.

Currently, Bitcoin’s price stands at a critical crossroads between support and resistance levels. Technically, downside risks exist, but if macroeconomic conditions improve, upward momentum could reemerge. Market participants should watch upcoming key economic indicators and US policy changes, as liquidity trends will be crucial.