Marcus Thielen, an analyst at 10x Research, believes that Bitcoin’s drop below $64,000 is a typical correction driven by the asset’s overbought conditions. He pointed out that short-term reversal indicators have turned bearish, which could signal further declines in the coming days.

Thielen also highlighted a pattern where Bitcoin tends to drop by 10% during the first week of every month, coinciding with the release of U.S. manufacturing sector activity data. This trend has been observed since June.

Potential for Growth to Six Figures

At the same time, Swyftx analyst Pav Hundal shared Bitcoin’s future prospects, emphasizing that despite current bearish signals, the cryptocurrency still has the potential for significant growth, possibly reaching six-figure values during this market cycle.

He noted that as the market recovers and institutional investor interest grows, Bitcoin’s long-term trend remains bullish, and the current corrections could set the stage for the next rally.

Macroeconomic Factors

The key triggers for price movements remain macroeconomic factors, including U.S. business activity data and global economic conditions. Despite short-term fluctuations, analysts assert that the overall outlook for the cryptocurrency remains positive, especially in light of growing institutional interest and the rise of Bitcoin ETFs.