Bitcoin (BTC) has closed the week at its lowest level since May, ending at $ 100,970. The BTC fell below $ 99,000 at a given time due to the fears triggered by the climbing of geopolitical tensions.
However, the main market experts remain optimistic, even if the global feeling has gone from neutral to frightening.
What do experts say about Bitcoin below $ 100,000?
As Beincrypto reported, Bitcoin slipped below the $ 100,000 mark after Iran threatened to close the Hormuz Strait. This marked a serious escalation in tensions after the American attacks against Iran.
Instead of panicking, the main experts in the industry remained optimistic. They based their trust in technical analysis and macroeconomic factors.
Raoul Pal, founder and CEO of Realvision, shared his point of view alongside a graph comparing the world money supply of the M2 at Bitcoin prices. He argued that Bitcoin falling below $ 100,000 is not surprising, given its strong correlation with the growth of the M2 global supply.
The graph shows that Bitcoin generally follows the growth of M2 with a 12 -week offset. PAL pointed out that investors should not expect that each short -term movement corresponds perfectly. What matters most is the global context.
“Nothing seems unusual here, but do not expect all the Wiggles to correspond or all the point of synchronization to be exact, it is the global contextualization which counts the most … And yes, the Alts bleed more than the BTC in the corrections,” said Raoul Pal.
Arthur Hayes, former CEO of Bitmex, shared a similar point of view. He predicted that central banks – in particular the American federal reserve – would soon redeem the impression of aggressive money. In a previous analysis, Hayes argued that the loose monetary policy could raise the price of Bitcoin, potentially even reaching $ 1 million.
“Do you hear that?
Its point of view reinforces the conviction that Bitcoin, often nicknamed “digital gold”, will benefit from money printing policies during economic and political uncertainty.
On the technical side, the Popular Techdev analyst also offered a positive perspective. Although he recognized that the BTC could drop more, it remains confident in a major rebound.
“$ 95,000 would have structurally meaning. So $ 170,000 is closer than you think,” said Techdev.
In addition, the main figures in the industry such as the founder of Binance CZ and Ran Neuner, founder of Crypto Bancers, also expressed strong confidence in Bitcoin recovery.
The data show that the feeling of retail diverges market movements
While the experts remained optimistic in the midst of growing political tensions, the feeling of retail painted a different image. According to CoinmarketCap, the fear and greed index rose from 65 to 37 in June. This change reflects a transition of greed to fear among retail investors.
However, health analysis suggests that Bitcoin often moves against the feeling of retail investors. Social volume data indicates that too positive discussions have recently coincided with price reductions. Meanwhile, during the extremely negative periods of discussion – such as the recent American -Iranian conflict – the Bitcoin price has tended to recover.
“With all the concern and uncertainty of the real world in the crypto now, price oscillations for this coming week should be simple:
Retail calls “lower” or “below” = the price increases
The retail trade provides “more” or “above” = the price drops, “said analyst Brianq de Santiment.
At the time of writing this document, Bitcoin recovered and is negotiated over $ 101,000, adding additional weight to the forecasts shared by these experts.
However, the next movements of the world leaders involved in the conflict remain unpredictable. These developments could change the market in which many investors may not expect.
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