Bitcoin (BTC) continues its downward trajectory after its recent climb to an all-time high of $124,128 on Aug 14. The original crypto has fallen by 8.5% from its recent peak. BTC’s price has plummeted below $114,000, currently trading at $113,597. According to CoinGecko’s Bitcoin data, BTC has faced a correction of 1.3% in the last 24 hours, 4.8% in the weekly charts, 0.5% in the 14-day charts, and 4.1% over the previous month. BTC’s dip has triggered a market-wide correction.
Will Bitcoin’s Price Fall To $100,000?
Bitcoin (BTC) could fall to the $112,000 level as it has some support at that price point. Falling below $110,000 could trigger some panic among investors. Such a scenario could lead to BTC’s price falling to the $100,000 mark.
According to CoinGlass BTC data, a total of $450.55 million was liquidated from the crypto market in the last 24 hours. The platform notes that the single largest liquidation order took place on Binance for Bitcoin (BTC)/USDT, valued at $9.70 million.
The market correction was triggered after higher-than-anticipated producer price index (PPI) numbers were reported. Investors may have panicked that the Federal Reserve will not cut interest rates after the high PPI data. Bitcoin (BTC) faced a substantial price dip following the PPI data release.
The correction may have been amplified by investors waiting for the Federal Reserve’s Jackson Hole meeting on Friday. Financial vehicles could face price fluctuations as investors look for clues on the upcoming US monetary policy. Bitcoin (BTC) and other risky assets have faced steeper corrections compared to more stable financial vehicles.
Also Read: Bitcoin Price Prediction: When Will BTC Be At its Highest This Year?
Bitcoin (BTC) will likely pick up steam over the coming months. CoinCodex analysts anticipate BTC to break out soon.
The platform anticipates BTC to hit a new all-time high of $142,040 on Nov. 15. Hitting $142,040 from current price levels will entail a rally of about 25%.