Bitcoin stayed close to the $70,000 mark after a sharp sell‑off last week that sent the price back into the mid‑$60,000 range before a quick rebound.
Since hitting an all‑time high just over $126,000 in October, the cryptocurrency has fallen roughly 45%. That drop was sparked by forced liquidations and large whale sales that ushered in a “crypto winter.”
The sell‑off intensified last week when Bitcoin experienced its worst daily decline since November 2022, sending the token to a low of about $61,000 before recovering.
A seasoned analyst at a well‑known research firm told reporters that the current price action is “a mere crisis of confidence.” “Nothing has fundamentally broken, and no skeletons will show up,” he said, noting that the bear case for Bitcoin is the weakest it has ever been.
He pointed out that spot exchange‑traded funds have only seen a 7% outflow, compared with the 50% correction in Bitcoin’s price during the recent sell‑off.
When asked about the looming threat of quantum computing, the analyst said the risk is not imminent and that the blockchain is well positioned to adapt, especially with support from major financial institutions.
Looking ahead, the analyst projects that Bitcoin could hit new all‑time highs, targeting $150,000 by the end of the year.
After the dip, Bitcoin remained relatively steady on Monday and Tuesday, showing resilience after a Friday bounce that lifted the price back above $70,000.
Meanwhile, a portfolio manager at a leading investment firm increased his net long exposure to 80% in his digital‑asset portfolio, while keeping a margin for a potential revisit to the $50,000s.
