Bitcoin Price Could Correct Majorly Amidst Market Uncertainty

Cryptocurrency prices, including Bitcoin near $90,000, dropping significantly in market corrections. Experts anticipate further declines in value.

Cryptocurrency prices have dramatically dropped after the wild post-election rally owing to the victory of Donald Trump in the U.S. elections; the price of Bitcoin has sunk to just under $90,000 per coin (from nearly $100,000 earlier this week). Such a steep drop already takes into account almost $200 billion from the total $3.2 trillion market, which was termed as a significant correction.

Michael Novogratz, billionaire CEO of Galaxy Digital, believes Bitcoin could reach $80,000 before rebounding due to high leverage in the cryptocurrency community. Despite potential market fluctuations, he remains optimistic, citing support from the incoming Trump administration that may push Bitcoin above $100,000 in the future.

Conversely, while Novogratz predicts an uptick for Bitcoin, others, like FxPro's Alex Kuptsikevich, insist that the currency is destined to continue slipping. "Bitcoin dipped below $93,000 this morning and without sufficient support the next target could be $87,000," said Kuptsikevich.

The technology of blockchain, which supports cryptocurrencies like Bitcoin, has transformed the entire market of digital assets, while the volatility of this sector reflects its infancy. For example, during these hard and nervous times that traders have to face, many stand against the momentum in the area about $91,800, where Bitcoin hit walls.

This correction proves these risks in the market of cryptocurrencies, which investors expect to change in time as many look forward to a possible rapid recovery as soon as the market stabilizes.