Bitcoin Fell $1500 in 48 Hours- Is $100,000 Still Achievable?

In the last 2 days, Bitcoin could not gain back the $98000 mark. In 24 hours, it fell 1.8%. Most other cryptocurrencies fared similarly. Most importantly, an exceptionally high inflation data was reported on 12th Feb. The panic set in, shortly after.  

As of writing this news, Bitcoin price has fallen below 97000 USD. The lowest in the last 10 days. The price correction giant momentum as the US charted at 3 3-year consecutive CPI increases.  

In January Bitcoin dropped to a monthly low of 94 200 USD. Investors think that the price could be leading towards that support level only.  

Will the $100,000 Mark Remain a Myth? 

Bitcoin can still reach the $100,000 mark. But it certainly seems more difficult now. On that note, the tariff policy of Trump will be a major impediment. Alongside this, worldwide economic momentum will play another massive role in the context.  

The whole traditional stock market retracted when the shocking inflation report was released. That’s why investors query whether the traditional market sentiments have impacted the Bitcoin investors’ confidence too.  

The trading market always prefers scanning for genuine links between the equity market and the digital currency market. However, no formative link between the two could be established lately, at least on grounds of price parity.  

Softbank loss could be an added concern  

The Asian conglomerate Softbank is a major investor in digital assets and crypto technology. The bank reported a significant loss of 2.4 billion USD during the last quarter of FY 2024.  

Now Bitcoin traders are viewing the SoftBank disaster as a crisis that could usher on the crypto soon. In the meantime, the Chinese involvement in the bank and its projects makes the Crypto trading community of the US sweat more.  

Lastly, Bitcoin miners have also reported plummeting profits. The hash rate price index shows that transaction fees have declined as the requirement for block space has been intermediate. That said, miners are not able to cope with the exceptional energy costs and some of them are giving up already.  

The way forward  

It is impossible to overcome the impact of the broader market factors. But these are not the only reasons why Bitcoin is trading at around 96000 USD now.  

The stablecoin needs to create a more decentralized ecosystem and loop in new institutional traders. Meanwhile, Bitcoin must become an alternative payment ecosystem in the retail environment too. Otherwise, the world’s largest crypto cannot retain its ominous presence.