Former Goldman Sachs analyst Murad Mahmudov has predicted that the price of Bitcoin will surpass the $200,000 level.
The prediction comes amid a ruthless cryptocurrency market correction. Earlier this Thursday, Bitcoin plunged to $82,726. The leading cryptocurrency has now lost more than 16% in just a week.
Meanwhile, Bitcoin ETFs keep recording disastrous outflows, with BlackRock's IBIT bleeding $418 million in just one day.
However, some analysts believe that this is just a short-term correction that does not necessarily spell trouble for the leading cryptocurrency.
Godfrey BenjaminIn fact, Standard Chartered, whose analysts correctly predicted the recent price correction, believes that the cryptocurrency is still on track to hit $200,000 this year despite the short-term bearishness.
The banking giant attributed the recent sell-off to economic uncertainty stemming from tariffs as well as the devastating Bybit hack that took place last week. Standard Chartered has noted that tech stocks have experienced a correction as well. Bitcoin, of course, tends to be correlated with other risk assets.
Meanwhile, Bitcoin options data shows that traders are anticipating another correction that could push the leading cryptocurrency to the $70,000 level.
It is worth noting that the leading cryptocurrency has already entered bear market territory after dropping by more than 20% from its record peak.
According to data provided by CoinGlass, more than $336 million worth of crypto has been liquidated over the past 24 hours, with long positions accounting for the vast majority of the liquidated positions.
Dan Burgin
Vladislav Sopov