Bitcoin Price Analysis: Could BTC Drop to $72K-$74K Amid Market Volatility?

COINOTAG News reports on February 27th that Bitcoin has reached a concerning milestone, marking its lowest price in three days since the FTX collapse, with a significant decline of 15%. Markus Thielen, founder of 10x Research, shared insights with clients suggesting that, in a pessimistic outlook, Bitcoin may plummet to the range of $72,000-$74,000, after which a recovery could be anticipated. Thielen emphasized the disconnected relationship between Bitcoin’s performance and the global central bank liquidity metrics.

Through his analysis of the average entry price for short-term holders—those who have held Bitcoin for less than 155 days—Thielen identified a crucial support level at $82,000. This price point is seen as a critical demand zone, already tested. He noted that historically, during bullish trends, Bitcoin tends not to linger below this threshold, while within bearish phases, the cryptocurrency frequently trades under this level for extended periods.