Bitcoin and Altcoins Decline

Bitcoin (BTC) and altcoins saw a sharp decline following US President Donald Trump’s announcement of new customs duties for Canada and Mexico effective March 4.

BTC fell by 7.7% in 24 hours to $79,000, while Ethereum (ETH) dropped to $2,100.

As a result, the Fear and Greed Index, which reflects investor sentiment, fell into extreme fear, prompting questions from investors: “Is the bull run over? Has the bear run begun?”

CryptoQuant CEO Ki Young Ju, who previously stated the bull market isn’t over, updated his predictions post-decline. He emphasized that as long as BTC stays above $75,000, the bull cycle continues. He believes that a 30% decline is typical in bull markets, but a significant drop below $75,000 could mean the bull cycle is finished.

> “I am a bull. The bull cycle is not over. 30% drops are normal in a bull cycle. If Bitcoin price drops significantly below $75k at this point, I would be wrong.”

Ju predicts BTC will consolidate between $75,000 and $100,000 by early 2024, with potential for gains if positive news attracts new liquidity.

Weekend Outlook for Bitcoin

BitMEX co-founder Arthur Hayes cautioned that investors should prepare for further Bitcoin declines in the near term. He anticipates a sharper drop this weekend, predicting prices will dip below $80,000.

Hayes remarked, “We are making lower lows in this current wave of declines… I think there will be another big wave below $80,000.” He also noted that without positive actions from Trump, BTC could fall to the $70,000 to $75,000 range.

This is not investment advice.