Bitcoin Faces Correction Before Surging to $250K

Bitcoin's recent price drop has sparked concerns among market experts. The cryptocurrency fell by nearly 6% over the past 24 hours, briefly dipping below $98,000. Arthur Hayes, co-founder of BitMEX, anticipates a correction to between $70,000 and $75,000, suggesting a 'mini financial crisis' could be on the horizon.

Despite this short-term forecast, Hayes remains optimistic about Bitcoin's long-term potential. He envisions a surge to $250,000 by year-end, propelled by renewed monetary stimulus.

The recent downturn has been linked to a broader market sell-off spurred by the rise of DeepSeek, a China-based artificial intelligence app. This app has impressed markets by competing effectively with OpenAI's models while requiring fewer resources.