Bitcoin (BTC) has been declining since reaching a historic high of $124,128 on August 14. The cryptocurrency is down 8.5% from its recent peak. The BTC price has dropped below $114,000, currently trading at $113,597. According to CoinGecko's Bitcoin data, BTC has experienced a 1.3% pullback in the last 24 hours, a 4.8% drop on the weekly chart, a 0.5% decrease on the 14-day chart, and a 4.1% decline over the past month. The drop in BTC has triggered an overall market pullback.
Will the price of Bitcoin drop to $100,000?
Bitcoin (BTC) may fall to $112,000, as there is some support at that price level. A drop below $110,000 could trigger panic among investors. This situation could lead to the BTC price dropping to the $100,000 mark.
According to CoinGlass BTC data, the cryptocurrency market has liquidated a total of $450.55 million in the past 24 hours. The platform pointed out that the single largest liquidation order occurred on Binance, involving Bitcoin (BTC)/USDT, worth $9.7 million.
After the Producer Price Index (PPI) data exceeded expectations, it triggered a market pullback. Investors may be concerned that the Federal Reserve will not cut interest rates after the PPI data remains high. Following the release of the PPI data, the price of Bitcoin (BTC) fell sharply.
Investors awaiting the upcoming Federal Reserve Jackson Hole meeting on Friday may have intensified this pullback. As investors look for clues regarding the forthcoming U.S. monetary policy, the prices of financial instruments may experience volatility. Compared to more stable financial instruments, Bitcoin (BTC) and other risk assets tend to have larger pullbacks.
Bitcoin (BTC) may accelerate upward in the coming months. CoinCodex analysts predict that BTC will soon experience a breakout.
The platform expects BTC to reach a historic high of $142,040 on November 15. Achieving $142,040 from the current price level would result in approximately a 25% increase.
