The price of Bitcoin is hitting a three-month low, causing many market analysts to warn of a potentially stronger price drop. According to Geoffrey Kendrick, head of digital asset research at Standard Chartered, Bitcoin could continue to decline to the $80,000 range, or even lower.
Additionally, former BitMEX CEO Arthur Hayes also noted that Bitcoin is approaching a dangerous price zone he refers to as 'goblin town' – a term that implies a strong bear market.