Bitcoin Price Local Bottom Unlikely, Analyst Hints at BTC Crash to $80K

Key Insights:

• Bitcoin price slipped more than 3% and fell below the brief $104k support.
• Top experts suggest that Bitcoin price has not yet hit its local low, sparking concerns of further declines.
• A top analyst said that BTC price risks falling to as low as $80k as institutional interest wanes.

Bitcoin price today was down more than 3% at the time of writing and fell below the brief $104,000, indicating the cautious stance of traders. Notably, the slump in BTC price also appeared to have weighed on the altcoin segment, as evidenced by the broader crypto market retreat today.

Amid this, a renowned expert has further spooked traders with his recent comment. In a latest analysis, the expert said that Bitcoin price is not yet at its local bottom, hinting at a further dip for the flagship crypto.

For context, it indicates that BTC price could slip further amid the ongoing gloomy momentum recorded in the broader crypto market. Echoing a similar sentiment, other market pundits have also shared similar projections, indicating a likely slump to as low as $80,000 in the near future.

On the other hand, the waning institutional interest also suggests that the crypto might continue to struggle to hit a new all-time high ahead. While the market watchers are optimistic about the long-term trajectory of the coin, they have warned about short-term corrections.

Bitcoin Price Slips, More Dip Incoming?

BTC price today has lost more than 3% and exchanged hands at $103,650 at the time of writing. The trading volume of the asset rocketed 81% to $82 billion, reflecting the heavy selling pressure in the market.

It’s worth noting that Bitcoin price has slipped from its 24-hour high of $108,286.85. Besides, the crypto has also witnessed its worst trading session in October this year after 2018, witnessing a slump of around 4%.

Amid this, recent insights from CryptoQuant analysts suggest that Bitcoin price may experience further decline, casting doubt on the likelihood of a local bottom. For context, CryptoQuant analyst Sunny Mom highlighted the behavior of short-term holders (STH) as a key indicator of price volatility.

According to the expert, the realized price of STH, particularly those holding Bitcoin for 1-3 months, often acts as the first line of support during market corrections.

However, the current accumulation behavior of the 3-6 month cohort, considered “smart money,” suggests that they may be waiting for prices to drop further before entering the market more aggressively.

In addition, CryptoQuant Head of Research Julio Moreno echoed this sentiment, highlighting the lack of demand to absorb supply at higher prices. While demand is growing in the long term, it is doing so at a slower pace and below trend.

These insights suggest that Bitcoin price may not have reached its local bottom yet, and further decline is possible. Having said that, a flurry of analysts have also projected a slump in BTC price ahead.

Analysts Predict BTC Dip Amid Waning Institutional Interest

The institutions are also staying on the sidelines, which has cast doubt on the potential future movements of Bitcoin price. For context, Farside Investors data showed that the US Bitcoin ETF recorded an outflow of $186.5 million on Monday.

This marks a four-day outflow streak from October 29, with a combined outflux of $1.33 billion. Amid this, market pundits have shared gloomy forecasts for BTC price, which has caught the traders’ eye.

In a recent X post, Ali Martinez has echoed the sentiment of the CryptoQuant analysts, saying “Bitcoin $BTC might not be done yet.” He noted that Bitcoin price could be gearing up to hit an all-time high, following which it might face a “brutal reversal.”

According to the chart he shared, Bitcoin risks falling to as low as $80,000 amid the selloff period.

These latest comments from experts might also have contributed to the recent losses in Bitcoin price.