Bitcoin Price Dips Below $100K; Will It Recover To $108K Soon?

The crypto market recorded massive selling pressure today, with Bitcoin price facing a major setback. The leading crypto by market cap has recently slipped below the $100K level, amid massive selling pressure noted in the broader financial market, let alone the digital assets space. Notably, this BTC retreat, which has recovered from its 24-hour hour low, came just after the decision to cut the Fed rate and Federal Reserve Chair Jerome Powell’s speech.

Bitcoin Price Dips Below $100K Sparking Market Discussions

Bitcoin price has recorded a strong rally since Donald Trump won the US Election this year. This has fueled market sentiment towards a pro-crypto regulatory environment under the new President. Besides, the institutional interest in BTC also soared, as evidenced by the robust inflow into the US Spot Bitcoin ETF.

However, despite that, crypto has faced a major setback this week. BTC has slipped below the $100K mark recently, indicating that the flurry of investors are on a selling spree amid macroeconomic concerns that have sparked volatility in the broader financial market.

For context, the US Federal Reserve has recently announced a 25 bps rate cut at their latest gathering yesterday. This Fed rate cut comes in line with the market expectations, which has fueled investors’ optimism for the short term.

Despite that, the latest comment from Fed Chair Jerome Powell has weighed on the investors’ sentiment. In his latest comment, Powell signaled that the Fed might slow its rate cut pace ahead of next year, which has sparked discussions in the market.

Meanwhile, the US Federal Reserve said that the central bank has halved the number of quarter-point cuts that they had previously expected. Precisely, the central bank is likely to trim their policy rates by only two times in 2025, down from the previous expectations of four rate cuts through the year. This has triggered selling pressure in the market, impacting Bitcoin price.

Will BTC Witness Recovery Ahead?

Bitcoin price today was down nearly 3% and exchanged hands at $102,420 and its trading volume rose 22% to $95 billion. The flagship crypto has touched a low of $98,792 and a high of $105,302 in the last 24 hours, reflecting the highly volatile trading scenario in the market. Besides, it has also touched its ATH of $108,268 on December 17.

However, the experts have remained bullish despite this short-term pullback in the crypto’s price. A flurry of market analysts said that the crypto is poised to witness recovery ahead, citing the bullish market trends. For context, the US is reportedly considering a Bitcoin Strategic Reserve, which has bolstered market confidence towards the asset. In addition, other global leaders, including EU politicians, are also aiming for the same move ahead.

Considering all these aspects, the market sentiment remained strong. Meanwhile, in a recent analysis, top market expert Ali Martinez predicted that BTC would fall to $99k. However, he also noted that once BTC soars past the $105,400 level, the bearish momentum will start to vanish.

In addition, Peter Brandt has recently said that BTC is poised to hit $125K ahead, reflecting his confidence in the flagship crypto. Simultaneously, Bitwise CIO said that Bitcoin price will reach $500K once the US Bitcoin Strategic Reserve happens.

Despite that, the experts have repeatedly warned of short-term pullbacks like the current scenario. For context, Arthur Hayes said that BTC would continue to face corrections, while predicting a potential crypto market crash during Trump’s inauguration on January 20. However, despite the bearish prediction, Hayes noted that the market will continue its upward run following that.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.