Is Bitcoin price ready for a correction? Experts weigh in
Despite several major catalysts, Bitcoin’s price fell from its all-time high, reaching critical support.
- Bitcoin’s price is falling despite record ETF inflows and adoption
- Stocks and gold have fared much better compared to BTC this week
- Still, declining confidence in the dollar may boost Bitcoin and gold
Bitcoin’s price is slowing, despite record ETF inflows, treasury accumulation, and adoption. After reaching an all-time high of $126,198, Bitcoin dipped below its key support of $120,000 on October 9. Experts are split on their views, with some seeing this as a short-term pullback, while others point to structural causes.
Ruslan Lienkha, chief of markets at YouHodler, believes that the equity market is effectively drawing capital away from crypto assets. Notably, investors are unwilling to bet on high-risk assets while equity prices remain high. Still, this optimism is largely driven by expectations of easing monetary policy, instead of actual economic growth.
Decline in dollar confidence may boost Bitcoin price
Still, expectations of lower interest rates, combined with the relative weakness of the U.S. economy and political uncertainty, are already having ripple effects in other areas. For one, gold has had one of its best weeks in recent history, breaking the $4,000 mark on October 8.
Nic Puckrin, investment analyst and co-founder of The Coin Bureau, cautions that the current gold rally is largely driven by momentum and could fizzle out. Instead, traders may start looking at other alternatives, including Bitcoin (BTC).
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