Bitcoin is currently exhibiting behavior characteristic of risk assets rather than a safe haven, according to Brent Donnelly, president of Spectra Markets. He is prepared to buy only if prices fall significantly.
Current Bitcoin Dynamics
Brent Donnelly states that Bitcoin is currently acting like a risk asset rather than a safe haven. He indicated he would consider purchases only if the price drops into the $94,000–$82,000 range.
Factors Pressuring the Price
Donnelly points to technical and seasonal factors impacting Bitcoin’s sluggishness. A double top has formed on the chart, and a recent failure to hold support near $112,000 often precedes sharp sell-offs.
Bitcoin's Market Outlook
He also noted that Bitcoin's halving cycle, historically signaling the end of bull markets about a year after the event, may now indicate a prolonged downturn under current conditions.
Thus, forecasts of a potential Bitcoin drop in the near future are based on a combination of technical analysis and economic factors that may negatively affect its price.
