Bitcoin hits 3-month low – Why do experts expect it to surpass $200,000?!
A weeklong decline in Bitcoin worsened on Friday, with the digital asset hitting its lowest level in over 3 months, reversing gains that followed the election of US President Donald Trump.
Bitcoin was trading at around $78,782 in Asian markets, down 5.5% on the day and about 25% lower than its all-time high from mid-December.
Bitcoin had enjoyed a price surge following Trump's victory in November, with the leader having presented himself as a pro-crypto candidate during his campaign.
However, prices have fallen as investors shy away from assets perceived as risky given weakness in global stock markets and amid uncertainty surrounding the new President's tariff policy and resolutions on the Russia-Ukraine and Israel-Gaza wars.
Investor sentiment was also soured by news that Bybit, a major cryptocurrency exchange, suffered a $1.5 billion hack in what is estimated to be the largest crypto heist in history.
"It appears the market has become volatile in reaction to the Bybit incident," said Jeff Mei, chief operating officer at crypto exchange BTSE, adding that inflation concerns and expectations of fewer rate cuts from the U.S. Federal Reserve have also weighed on markets.
However, some crypto bulls remain positive on Bitcoin's outlook, while awaiting key regulatory developments from the Trump administration.
Trump has already signed an executive order promoting the advancement of cryptocurrencies in the US and the development of a national digital asset reserve. Meanwhile, his administration has created working groups and a “cryptocar” tasked with supporting a clear regulatory framework for crypto assets.
Some experts expect bitcoin to surpass the $200,000 threshold this year. Increased institutional adoption of crypto, coupled with some “regulatory clarity” in the US, should lead to less volatility over time.
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