Bitcoin Faces Potential Downturn Amid Global Unrest and Rising Liquidations, Analysts Suggest Possible Recovery Later

Key Points

1. Bitcoin fell 5.6% to $113,411, while Ethereum and XRP dropped 10.5% and 10.2% respectively over the past week.

2. Global geopolitical tensions and a weak U.S. jobs report triggered $905 million in crypto liquidations, mostly long positions.

3. Analysts predict further declines in August and September, with Bitcoin potentially reaching lows near $80,000 before a possible rebound in Q4 2024.

4. Despite the downturn, predictive models indicate a 53% probability that Bitcoin could rise to a new peak of $125,000 rather than fall to $105,000.

5. Geopolitical events, such as U.S. tariffs and military movements, along with regulatory uncertainties, have heightened market volatility.