It Happened in Bitcoin! And Then there may be the Japan Crisis: Here's What Experts Expect! - Coin Newsletter

Experts think that economic uncertainties originating from Japan may cause a serious correction in the Bitcoin (BTC) price and there is a risk that the price will fall to $70,000 in the near term.

Japan's 20-year government bond interest rates rose to 2.265%, the highest level since 2008, causing global uneasiness in the markets. Expectations that the Bank of Japan may raise interest rates (BOJ) and inflation concerns stand out as the main reasons for the rise in bond yields.

In the past, the strengthening of the Japanese yen has led investors to move away from risky assets and a decline in the price of Bitcoin.

Experts pessimistic about Bitcoin

Jeff Mei, Chief Operating Officer of crypto exchange BTSE, stated that global geopolitical and economic uncertainties are driving large investors away from cryptocurrencies and that the price of Bitcoin may decline to the 70-80 thousand dollar band in the short term. Mei also thinks that this situation can only be reversed when the trade war between the US and China ends and the Fed starts cutting interest rates.

Augustine Fan, Head of Analysis at crypto analytics platform SignalPlus, emphasized that the technical picture for Bitcoin is negative. The fan stated that the recent increased price volatility has (volatilite) worsened Bitcoin's risk-return balance and that there are no developments to support a positive price action in the short term.