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Bitcoin’s price is falling again today, forcing the rest of the market to follow. Despite this, some altcoins rose, and during this process, TRX‘s 10% rise saw it surpass ADA to re-enter the top 10 cryptocurrencies. While these events unfolded, analysts’ comments also came to the forefront, with one prominent figure making significant statements about BTC.
Analyst’s Bitcoin Commentary
Mark Dow, a well-known figure in the economic world, recently posted a warning to Bitcoin bulls on social media. According to Dow’s view, BTC’s failure to reclaim the $60,000 level is not a promising sign for Bitcoin bulls.
Dow noted that by the end of 2017, BTC reached the peak of that market cycle amid great uncertainty. He also mentioned that significant short sales occurred at the end of 2018. By that time, BTC’s price had dropped 80% from its peak during the mentioned period.
In an interview with Bloomberg, Dow stated he didn’t want to “squeeze more out of the lemon.” Considering Bitcoin’s price gradually started to recover the following year, Dow’s move was deemed an excellent trade.
However, looking back, Dow wasn’t always right in his predictions. In November 2019, he tweeted that Bitcoin might be ending. Just over a year after his tweet, Bitcoin surged towards a new record at the end of 2020, reaching $69,000 in 2021.
What Is Bitcoin’s Price Now?
The period following 2021 was called a major bear market, with BTC hitting a new ATH of $73,737 in March with the launch of spot Bitcoin ETFs. In April, a former hedge fund manager highlighted how unpredictably the Bitcoin community, which once moved against the establishment, embraced Wall Street.
On August 5, Bitcoin’s price briefly fell to $48,800 on the Binance exchange due to global market turmoil triggered by a decline in Japanese stocks. Today, after a 1.90% drop in the last 24 hours, it stands at $59,700.
