Bitget’s CEO predicts Bitcoin could drop to $72,000: ‘Trump’s reserve is more of a promise’

Key Points

  • Bitcoin's price could dip to $72,000–$80,000 despite institutional interest, according to Gracy Chen from Bitget.
  • Major buyers like sovereign wealth funds and family offices are cautious, waiting for better entry points.
  • The approval of Bitcoin spot ETFs has led to both buying and selling pressure due to profit-taking.
  • Potential black swan events could further influence market caution.

Summary

Gracy Chen, Managing Director at Bitget, discussed Bitcoin's market dynamics with Roundtable host Rob Nelson, highlighting the potential for Bitcoin's price to dip to the $72,000–$80,000 range despite growing institutional interest. Chen noted that while there has been talk from various governments and high-profile individuals about establishing Bitcoin reserves, actual commitments are still pending. She pointed out that major investors, including family offices and financial investors, are currently very cautious, viewing the $100K mark as a significant psychological barrier due to Bitcoin's price surge from $30K–$40K before the ETF approval. The introduction of Bitcoin spot ETFs has led to a mix of buying and selling pressures, with early investors taking profits after a 100% increase in value. Chen also mentioned the possibility of market disruptions from unforeseen events, which could further influence investor behavior. Despite these concerns, she predicts Bitcoin will fluctuate between $90,000 and $110,000 in the near term, with potential dips into the low $80Ks.

yahoo
March 4, 2025
Crypto
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