Bitcoin (BTC) fell sharply to $60,000 in early February. Since then, it has oscillated between $63,000 and $70,000, and Bitcoin continues its struggle to reach $70,000.
While some analysts believe Bitcoin could see further declines, others predict a rise or consolidation.
At this point, Mike McGlone, senior commodities strategist at Bloomberg Intelligence, notes that Bitcoin could fall below $10,000 amid a revaluation of risk assets driven by macroeconomic factors.
Although McGlone maintained his bearish outlook, many market analysts disagreed with this scenario.
Jason Fernandes, co-founder and market analyst at AdLunam, said a macroeconomic slowdown would not necessarily lead to a drop to $10,000. However, Fernandes says Bitcoin could see further declines, possibly to $40,000 or $50,000.
PrimeXBT senior analyst Jonatan Randin also said that Bitcoin could see further declines, but the $10,000 forecast is unlikely.
At this point, Randin says he expects Bitcoin to fall further in the coming months, with the next major accumulation zone potentially being between $30,000 and $40,000.
However, he added that in the short term, he expects bitcoin to largely hold between $60,000 and $70,000.
*This does not constitute investment advice.