Bitcoin (BTC) has fallen below $103,000, marking a 1.17% drop in the last 24 hours. This decline follows a significant market correction after reaching an all-time high of $111,970 on May 22. Despite this downturn, BTC has gained over 600% since the FTX market crash in November 2022. Crypto analyst Miles Deutscher has examined the impact of Bitcoin treasury companies, which hold BTC as a reserve asset. Currently, there are 34 publicly traded Bitcoin treasury companies, collectively holding 724,612 BTC, including major players like Tesla and MicroStrategy, which alone owns 576,230 BTC. Deutscher believes that the growing recognition of Bitcoin's investment potential by these companies could drive prices up to $200,000. However, he warns of risks, such as forced selling during market downturns, which could exacerbate declines. As Bitcoin trades at $102,843, investors are closely watching the $100,000 support level, as breaking below it could lead to significant market liquidations. Read more AI-generated news on: https://app.chaingpt.org/news

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