Bitcoin has dropped to the $108,000 level, signaling ongoing selling pressure in the cryptocurrency market. After failing to hold above $115,000, Bitcoin is now consolidating around this lower range, with some analysts expecting it to trade sideways between $100,000 and $115,000 for the near future. This period of volatility comes after a recent market crash that cleared major liquidity levels below the current price.

Market sentiment remains cautious, with some investors expressing concern over the possibility of a deeper bear market. Bitcoin skeptic Peter Schiff argued that gold is outperforming Bitcoin and warned supporters to reconsider their investments, suggesting the cryptocurrency could face more severe declines. In contrast, prominent crypto figures point to Bitcoin’s historical resilience and long-term growth, emphasizing that volatility has always been part of its journey.

Despite the negative sentiment, others remain optimistic about Bitcoin’s prospects. Some AI-based forecasts indicate a strong chance for a recovery in the coming weeks, suggesting that Bitcoin could close the month above $114,000. The cryptocurrency is currently trading about 13% below its all-time high, with the market watching closely for signs of stabilization or further downside.

As uncertainty continues to dominate, the next few weeks will be critical for Bitcoin’s direction, as traders and investors look for cues on whether this consolidation marks a market bottom or the beginning of a more prolonged decline.