Bitcoin Drops as Market Remains Pessimistic: Analyst Predicts Plunge Before Rise to $98,000

The cryptocurrency market experienced losses on Monday, with Bitcoin falling to the $65,000 zone, erasing earlier gains. Ethereum also declined, as the date for its spot ETF approvals was moved to July 2. This decline triggered liquidations of $348 million in the last 24 hours, with 152,040 traders getting liquidated. Open Interest for Bitcoin fell 2.68% in the last 24 hours, indicating a downward trend. Analyst Timothy Peterson predicts Bitcoin will drop 10-20% in the next 90 days, but also forecasts a strong recovery to $98,000 by October. Another analyst, Moustache, suggests Bitcoin is forming an inverse head and shoulders pattern, indicating potential resistance to prices below $70,000.