Bitcoin Dips Below $66,000 Amid Market Volatility

In the early hours of Saturday, October 26, the price of the leading cryptocurrency briefly fell below the $66,000 mark.

At the time of writing, Bitcoin is trading above $67,100. According to CoinGecko, the digital gold has lost 0.7% over the past day. The asset’s market capitalization exceeds $1.3 trillion.

The likely cause of the temporary market correction was Israel’s attack on Iran.

All digital assets in the top 10 by market capitalization followed Bitcoin into the “red zone.” Solana (-3.4%) and Dogecoin (-3.3%) were the biggest losers over the past day.

The total market capitalization of digital assets stands at $2.38 trillion. Bitcoin’s dominance index is 59.4%.

According to Coinglass, the total volume of liquidated positions over the past day amounted to $391 million, with $321 million in long positions.

On Monday, October 21, the leading cryptocurrency tested the $69,000 level. A week prior, the asset was trading below $60,000.

Analysts at Bernstein reiterated their forecast of Bitcoin reaching $200,000 by the end of 2025, describing it as “conservative.” They highlighted the investment appeal of the leading cryptocurrency amid rising U.S. national debt and inflation threats.

Jeff Kendrick, head of digital asset research at Standard Chartered, stated that Bitcoin will surpass its historical high of $73,000 amid the U.S. elections. He believes this could occur on November 5.

Analysts at Hashkey Capital emphasized that merely surpassing the historical high is insufficient to trigger an altcoin season. In their view, Bitcoin must reach $76,000-$108,000 for this to happen.