Bitcoin Plunges to New Lows Amid Macro Deterioration

Bitcoin's price has plummeted to its lowest level since October 2024, reaching $58,995. This marks a decline of over 50% from its peak last year.

The cryptocurrency found support around the $60,000 mark in February and June before staging a rebound that briefly lifted prices above $67,000. However, experts warn that Bitcoin's price may still have a long way to fall.

Nischal Shetty, founder of WazirX, notes that profit booking across assets has led to the decline, with investors reducing exposure to macro trades. He also points out that Bitcoin, gold, and oil have all corrected together, indicating a broader market trend.

Several reports suggest that Bitcoin's price may tank another 30% before recovering, with some predicting it will reach $42,000-$44,000 by the end of the year. Jiang Zhuoer, one of China's top bitcoin miners, predicts this range for sometime between October and December.