Crypto experts weighed in on Bitcoin‘s (CRYPTO: BTC) price drop below $80,000 on Thursday, predicting potential price bottoms for major cryptocurrencies amid ongoing economic uncertainty.
Michal Pospieszalski of SwissFortress told Benzinga that Bitcoin could find a floor between $60,000 and $65,000 if it falls below $70,000, while Meg Lister of Gitcoin Labs cautioned that pinpointing a bottom remains challenging and could extend into the coming months, depending on U.S. economic policy shifts.
Bitcoin on Thursday made a low of $79,940, trading down 2.5% over the last 24 hours, triggering liquidations of $209.5 million, of which longs worth $133.4 got liquidated.
Pospieszalski attributed Bitcoin's decline to broader economic unease and political rhetoric, particularly following comments from President Donald Trump that have heightened market nervousness.
He remains optimistic, however, stating, "Unless we see a sustained downturn with lower lows and weaker recoveries, this remains a correction within a broader bull cycle."
He estimated that if Bitcoin breaches $70,000, it could slide to a support range of $60,000 to $65,000 before a rebound, with Ethereum and XRP (CRYPTO: XRP) likely to mirror this trajectory due to their market correlation.
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Ethereum's (CRYPTO: ETH) path, he noted, is also influenced by institutional adoption and spot ETF inflows, though no specific price bottom was provided for these assets.
Lister took a more cautious stance on timing, emphasizing the difficulty of predicting crypto prices in the current climate.
"We may have seen the bottom, or it may be in the months ahead if U.S. economic policy continues to be in rapid flux," Lister told Benzinga, reflecting on the market's sensitivity to macroeconomic factors.
She believes the crypto market is still technically in a bull phase, driven by on-chain economic performance, but warns that wild price swings may persist until regulatory clarity emerges.
Lister projects that the positive effects of structured crypto legislation, including stablecoin regulations and spot ETF frameworks, will likely take one to two years to materialize, potentially impacting prices by 2026 or 2027.
Both experts agree that regulatory developments will be pivotal.
Pospieszalski anticipated significant crypto news from the Trump administration soon, which could shift market dynamics as early as late 2024, particularly if institutional capital gains confidence.
Lister, however, sees a longer timeline for these changes to reflect in price stability, underscoring the need to clear existing regulatory hurdles.
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