BTC, ETH, and XRP prices plunge simultaneously, leading to concerns about ETF fund outflows and miner bankruptcies.
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On the 5th, he warned that Bitcoin could fall to the $30,000 range.
Cryptocurrency markets crash with 15-month lows
The price of Bitcoin, the leading cryptocurrency, fell to the low $60,000 level, hitting its lowest level in 15 months.
Bitcoin was trading at $63,795 on the 6th, down 11.65% from the previous day.
Ethereum (ETH) and XRP also plummeted. At the same time, Ethereum fell 12.05%, while XRP fell 19.02%. Solana also recorded a drop of over 12%.
Bloomberg: "$45,000, worst case scenario $35,200"
Bloomberg reported on the 5th that traders predicted that Bitcoin could fall further to $45,000, based on technical indicators and past declines. Some analysts even suggested a worst-case scenario of a drop to $35,200.
Michael Purves, founder of Talbakken Capital, said his target price this week is $45,000, based on the monthly MACD crossover signal.
ETF net outflows and leverage liquidation pressure
ETF funds, which had been supporting the cryptocurrency market, also quickly withdrew.
According to foreign media reports, there has been a net outflow of approximately $2 billion (KRW 2.7 trillion) from US Bitcoin ETFs in the past month.
Experts analyzed that leveraged trading aimed at buying at low prices led to large-scale liquidations, which increased downward pressure.
Potential for a chain reaction crisis among mining companies
Concerns have also grown about the mining industry as a whole.
Investor Michael Burry warned that if the price of Bitcoin falls below $50,000, mining companies could face bankruptcy.
"Fear is extremely high and buying pressure has disappeared," said Betley Lunde, head of K33 Research. "The market environment is very harsh."
Reporter Jeong Ha-yeon yomwork8824@blockstreet.co.kr
