Bitcoin steady amid bears warning of $10,000 levels

Speculation that Bitcoin could collapse below $10,000 has reemerged, even as the cryptocurrency continues to trade well above the $71,000 mark.

- Somshankar Bandyopadhyay [e-mail]

As of Sunday, Bitcoin is priced at $71,456.76, according to real-time data from Binance, extending a period of relative stability.

(REUTERS FILE)

As of March 15, Bitcoin is priced at $71,456.76, according to real-time data from Binance, extending a period of relative stability despite ongoing global tensions. Price data from StatMuse further shows Bitcoin closing at $71,214.63 on March 14 and rising 6.3% over the month.

Yet while some analysts warn of a potential crash back to five-digit lows, most industry specialists believe such predictions are out of step with current market fundamentals.

Ryan Lee, Chief Analyst at Bitget, strongly disputes the idea. "I believe Bitcoin falling to $10,000 in the near term is highly improbable, even in the face of macro uncertainty and geopolitical tensions.

While some analysts have revived this scenario, many market participants argue such a collapse would require an extreme systemic shock such as a global liquidity crisis, nuclear conflict, or a breakdown of internet infrastructure, rather than typical market cycles," he said.