Justin Spittler, chief trader at leading financial risk advisory company RiskHedge, is certain that Bitcoin has yet to bottom out.
Bitcoin teetered on the brink this Friday, briefly plunging to a gut-wrenching $114,518 before staging a tentative recovery. The king of crypto is currently clinging to $115,692, but remains dangerously close to its daily nadir, leaving investors on edge.
Barely two weeks after Bitcoin blasted past its previous record to reach a dizzying $118,972 on July 14th, a sharp correction sent shockwaves through the crypto market.
Spittler thinks that Bitcoin bulls should prepare for “a bit more pain” in the short term.
Bitcoin’s next move? One chartist envisions a potential surge back to $113,000, but warns of a possible dip beforehand, hinting the market could briefly stray below anticipated support levels.
A deep retracement is not on the cards
However, Spittler dismisses the notion of a significant price correction anytime soon, arguing the breakout is simply too fresh in investors’ minds.
Even amidst the latest market correction, altcoins are flexing their muscles, hinting that risk-on sentiment hasn’t completely vanished.
Chris Burniske of Placeholder sees a market complacency baked into altcoins’ defiant resilience during the latest market dip, suggesting fear is surprisingly absent.
The ETH/BTC pair is up by nearly 1% on Friday, with the chief altcoin surpassing the $3,700 level earlier today.
Bitcoin open interest hits new high
Bitcoin’s poised for a potential eruption. Open interest, the fuel gauge for outstanding derivatives, has spiked to an unprecedented $44.5 billion. Historically, these surges precede violent price swings – buckle up.
Bitcoin’s Price Drops, Open Interest Hits New Highs Bitcoin’s price dipped, yet open interest just smashed records, soaring to $44.5 billion! This isn’t your typical dip – it’s a surge ofnewtraders jumping in, even as the price falters. Buckle up, things are about to get interesting. (@ArabxChain’s keen observation) pic.twitter.com/Vf9mSVUEx
CryptoQuant.com (@cryptoquant_com) July 25, 2025
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