Bitcoin's $100K Slide: Bear Market or Correction?

Bitcoin's recent performance has sparked debate among investors and analysts, with some questioning whether the cryptocurrency's sideways slide is merely a correction or the beginning of a bear market. The digital asset, which had reached an all-time high of over $100,000 earlier this year, has since been trading in a tight range, with prices fluctuating between $80,000 and $90,000.

Economic uncertainty and new U.S. tariffs have added pressure to the market, fueling a risk-off sentiment that has affected both the stock and cryptocurrency markets. Bitcoin's performance has mirrored that of the broader stock market, with both assets experiencing sell-offs in recent weeks. Gareth Soloway, Chief Market Strategist and President of Verified Investing, has predicted that Bitcoin may see further decline, with support around $73,000-$75,000.

Bitcoin is not the only cryptocurrency feeling the heat; altcoins have also seen prices fall in tandem with the market leader. Concerns about consumer confidence and inflation have put pressure on both the stock and cryptocurrency markets, with investors seeking safer havens for their assets. The overall market mood has been further complicated by concerns about new tariffs the U.S. government is planning, specifically targeting Canada and Mexico.

While the market had grown somewhat used to tariff threats before, it now appears that these measures will proceed, adding additional pressure to an already fragile market. Experts like Gareth Soloway have pointed to critical technical indicators suggesting a possible downturn. In an interview with David Lin, Soloway said that Bitcoin's current performance mirrors previous market corrections. If it continues on its current trajectory, Bitcoin could experience a drop similar to the correction from $65,000 to $30,000 during the last bear market.

The top cryptocurrency is now at a crucial point. Should the downtrend persist, Bitcoin could find support around the $73,000-$75,000 range. Although Bitcoin's volatility remains a constant, a 15% decline in the past week is still within the historical norms for the cryptocurrency, as price swings of this size are typical. Despite the short-term volatility, Soloway remains positive about Bitcoin's long-term prospects as an alternative to fiat currencies. Soloway does not foresee