Bitcoin (BTC) Could Tank Below $75K if This Key Support Fails (Analyst)

Bitcoin, the world’s leading cryptocurrency, has experienced a significant downturn since the beginning of February, plummeting by 10% in value. Analysts are warning that if key support levels fail, we could see further declines to $80,000 or even as low as $74,400.

Bitcoin’s price has dropped 10% since February, with analysts predicting potential declines to $80,000 or $74,400 if support levels fail. However, some experts believe Trump’s tariff policies could drive demand for BTC as a hedge against inflation.

The Correction Might be Just Starting

January was a remarkable month for Bitcoin, with its price soaring to an all-time high of almost $110,000. However, February has not been as kind, with the cryptocurrency tumbling from around $102,000 to a local bottom of less than $92,000 in just three days. The bulls have since stepped in, pushing the valuation to its current price of $95,000.

According to industry experts, the macroeconomic uncertainty caused by Donald Trump’s decision to impose hefty tariffs on China, Canada, and Mexico is a significant factor contributing to the pullback. Momin, a BTC proponent, suggests that if Trump’s decision continues to shake the market, the asset’s price may drop to $80,000. Ali Martinez, an analyst, believes that breaking below the critical support level of $92,180 could lead to a massive crash to as low as $74,400.

A Silver Lining?

While the tariff war has harmed the financial markets and the cryptocurrency industry in the short term, some experts believe it could have a positive effect on Bitcoin in the long run. Jeff Park, Head of Strategy at Bitwise, thinks that the actual effects of the increased rates should be understood through two key ideas: the Triffin dilemma and Trump’s economic plans.

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Park sees tariffs as a short-term tactic to push nations to reduce their US dollar holdings and shift investments away from America’s debt, with the real goal being a controlled devaluation of the greenback. He believes that this could lead to increased demand for Bitcoin as a hedge against inflation. “As the world enters a sustained tariff war, the demand for bitcoin will skyrocket,” Park concludes.

While the current downturn may be a cause for concern, it’s essential to remember that the cryptocurrency market is known for its volatility. As the situation continues to unfold, it will be interesting to see whether Bitcoin can recover and continue its upward trajectory.

Bitcoin Takes a Hit: Is This the Start of a Downward Spiral?

Source: Bitcoin Btc Could Tank Below 75k If This Key Support Fails Analyst | Cryptopotato.com

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