Bitcoin broke $88,000: SwanDesk head expects a return to below $10,000

The cryptocurrency market is once again under pressure. Over the past 24 hours, Bitcoin (BTC) has lost 2.75%, breaking the $88,000 mark, and its weekly losses have exceeded 13%. CEO of the analytical platform SwanDesk, Jacob King, believes this is just the beginning and predicts a pullback to $10,000.

On the subject: Bitcoin will get stuck between $60,000 and $80,000 if the Fed does not lower the rate — CryptoQuant

At the same time, analysts do not think that one announcement was enough to wipe out nearly $2 trillion in just a few minutes. In their opinion, the announcement from the Treasury Department served more as a 'switch' for sentiment. This is despite the fact that investors are already on edge.

"When the market suddenly starts to fall sharply, many panic and rush for the exit because they think that 'the bubble is bursting.' The same mechanism works in the opposite direction. When stocks rise sharply, the rally accelerates as capital returns to stocks in the artificial intelligence (AI) sector."

Analysts also note that ideally there should be a multitude of retail forecasts for prices below $70,000. Historically, prices always move in the opposite direction of what most predict.