Why Bitcoin might drop to $65k before getting back to ATH

ETF hype. With the market showing signs of a potential slowdown, Bitcoin might consolidate further before making its way back to the all-time high.appears elevated, which could indicate that Bitcoin’s price is somewhat overvalued compared to the economic activity on its blockchain.chart showed a historical holding pattern that clearly suggests that Bitcoin would continue to see price consolidation as long-term holders choose to hold through this cycle, awaiting higher valuations.

A contrast is seen in the options market, where trading volume decreased 39.73% despite a slight increase in open interest of 2.18%. The long/short ratios across major platforms like Binance and OKX show a predominance of long positions, reinforcing a generally bullish outlook among traders.However, the higher liquidation values on long positions in the short term caution about potential volatility and price corrections that could affect the market sentiment moving forward.

Speaking of price, if the $66,800 support is broken, a potential retracement towards $65,000 might occur, but it would also provide a stronger base for the next leg up.Once Bitcoin successfully breaches the $70,000 mark, it is expected to attempt to reach its all-time high of around $73.8KJai Hamid works as a freelancer cryptocurrency journalist, specializing in blockchain technology.

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