Bitcoin Price Plunges 10% Amid Demand Collapse Fears

Bitcoin's price has been experiencing a decline in recent days, sparking concerns about another potential leg lower. According to some analysts, the cryptocurrency could be setting up for a significant drop due to a demand collapse.

The warning signs are there, as Bitcoin's price has fallen by over 10% in just a few days, bringing its total decline since reaching an all-time high to around 50%. This downturn has been attributed to various factors, including increased selling pressure and a shift in market sentiment.

While some experts believe that the current price action is merely a correction, others are more bearish, citing concerns about the cryptocurrency's fundamentals. They point out that Bitcoin's hash rate has been declining, which could indicate a decrease in mining profitability and, subsequently, a reduction in supply.