Bitcoin Drops to $78,000 After Jackson Hole Speech, Bulls Remain Upbeat

Bitcoin's price has dropped to around $78,000 following Kevin Warsh's speech at Jackson Hole, but some experts believe the rally may have more room to run.

Bullish analysts Bankless host Ryan Sean Adams and venture capitalist Haseeb Qureshi argue that crypto sellers appear exhausted, while Treasury actions aimed at lowering long-term yields revive the debasement trade.

Qureshi pointed out that 'crypto is intrinsically reflexive,' meaning upward moves breed upward moves. He sees Bitcoin's late-June low near $58,000 as likely the cycle bottom and believes options markets imply a wide year-end range for Bitcoin.