Source: Cointelegraph.com NewsAnalysts say Bitcoin (BTC) price could drop to $70,000 within the next ten days as one BTC pricing model suggests that the US-led trade war could upend investors\u2019 risk-asset sentiment.
\nIn his latest X analysis, network economist Timothy Peterson warned that Bitcoin may return to its 2021-era all-time high.<\/p>\n
$70,000 is Bitcoin\u2019s \u201cpractical bottom\u201d Source: Cointelegraph.com NewsAnalysts say Bitcoin (BTC) price could drop to $70,000 within the next ten days as one BTC pricing model suggests that the US-led trade war could upend investors\u2019… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126481"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=126481"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126481\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=126481"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=126481"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=126481"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nBitcoin price expectations continue to deteriorate as the impact of \u201chigher than expected\u201d US trade tariffs hits home.
\nFor Peterson, the outlook now includes an uncomfortable trip down memory lane.
\n\u201cBitcoin to $70k in 10 days?\u201d he queried.
\nAn accompanying chart compared Bitcoin bear markets and included Peterson\u2019s Lowest Price Forward (LPF) metric \u2014\u00a0a historically accurate yardstick for gauging long-term BTC price bottoms.
\n\u201cWhile this chart is not a prediction, it does provide data-driven expectations for what Bitcoin could do,\u201d he continued.\u00a0\u00a0
\n\u201cIf it continues to track along the 75th percentile bear market range, then 70k would be the practical bottom.\u201d
\nBitcoin bear market comparison with LPF data. Source: Timothy Peterson\/XPeterson noted that the theory ties in with current LPF data, which last month said that BTC\/USD was 95% certain to preserve the 2021 highs as support.\u00a0
\nPrior to that, the metric successfully delivered a $10,000 price floor in mid-2020, with Bitcoin never again dropping below it after September that year.
\nContinuing, Peterson revealed probabilities for April which showed BTC price expectations in a state of flux.
\n\u201cBitcoin went from 75% chance of having a positive month to a 75% chance of having a negative month in just 2 days,\u201d he summarized alongside another proprietary chart.
\nApril BTC price expectations. Source: Timothy Peterson\/XRelated: Bitcoin sales at $109K all-time high ‘significantly below’ cycle tops \u2014 Glassnode
\nBitcoin\u2019s current price action is \u201coften what a bottom looks like\u201d
\nThe bearish outlook of Peterson\u2019s model is far from the only bearish warning coming to light this week.
\nAs noted by onchain analytics firm Glassnode, many traders are attempting to shield themselves from further crypto market turmoil.
\n\u201cPuts are trading at a premium to calls, signaling a spike in demand for downside protection. This skew is most pronounced in short-term maturities – a level of fear not seen since $BTC was in the $20Ks in mid-\u201923,\u201d it revealed in an X thread on April 4.
\nBitcoin options delta skew. Source: Glassnode\/XGlassnode nonetheless acknowledged that while under pressure, current price performance does not constitute a post-tariff capitulation of the sort seen in stocks.
\n\u201cDespite this, $BTC hasn’t broken down like equities did on recent tariff headlines. That disconnect – rising panic without a price collapse – makes the current options market setup especially notable,\u201d it continued.
\n\u201cSkew like this usually appears when positioning is one-sided and fear runs high. TLDR: panic is elevated, but price is holding. That\u2019s often what a bottom looks like.\u201d
\nThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"