The cryptocurrency market is no stranger to drama; there has been some panic among investors as volatility hits Bitcoin’s price journey to $100K. Bitcoin’s price has dipped by more than 7% in the last four days. It is currently trading at around $92,500.
There have been questions about how low the price could go and the main reasons for the dip. To address this issue, Altcoin Daily, a YouTube channel with more than 1.5 million subscribers, made an 8-minute-long video.
Why Did Bitcoin Go Down?
According to Altcoin Daily, one of the main factors hurting the market is the rise in meme coin scams and rug pulls. Influencers launch pump-and-dump schemes, while live-streamers openly discuss manipulating their followers. These actions are leading to a loss of trust in the market.
A striking example involves a teenager stealing $30,000 by dumping a meme coin during a live stream. This illustrates the ease with which scams can unfold in the current environment, where unscrupulous actors take advantage of unsuspecting followers.
These live streamers promote coins under the guise of helping their audience profit, while simultaneously offloading their holdings. They often use misleading phrases like, “I’ll pump it back up soon,” which mislead their followers into believing that the value will increase even as it plummets.
Influencers are playing a major role in explaining why Bitcoin is dipping by hyping and promoting coins while profiting from the very audience they claim to assist.
This behavior is causing market corrections as excitement and speculative hype give way to a greater demand for quality and transparency
READ ALSO: Uniswap Continues Rally, but Strong Resistance Could Halt the Move: UNI Price Analysis
How Low Can BTC Price Dip?
Altcoin Daily believes that Bitcoin’s price drop is part of a larger cleanup of the market. As much as no one can answer the question: how long will Bitcoin go down? support levels are currently between $90,000 and $92,000. The price could reverse from that zone.
However, if conditions worsen, Bitcoin price could drop further to the $70,000–$72,000 range. Even with a potential pullback, the overall bullish trend for Bitcoin remains strong
