Forecast for Bitcoin: Six Figure Valuation Before Downturn, Asserts Analyst

Cryptocurrency prices have been experiencing a downturn as investors retrench due to upcoming U.S. economic data. Bitcoin's value slipped to about $85,300 before a slight rebound to nearly $86,200, marking a 4% drop over the past week. Meanwhile, market analyst Doctor Profit predicts a possible short-term rebound for Bitcoin, potentially revisiting the $97,000-$107,000 range before a deeper correction. Despite this potential upside, Doctor Profit maintains a bearish outlook, advising traders to exercise extreme caution due to Bitcoin's instability. Concurrently, another analyst, Mr. Wall Street, forecasts a deeper drop to $54,000-$60,000 by Q4 2026. Other Wall Street analysts have also revised their Bitcoin forecasts downwards. However, Wise Crypto believes that easing US monetary policy and political tailwinds could drive Bitcoin towards the $300,000-$600,000 range in 2022.