Bitcoin Slumps to $83k, Ric Edelman Sets $1m Target Price
Bitcoin (BTC) price fell to $83k on Tuesday as 24-hour trading volume and transaction value fell sharply after investor sentiment turned negative.
Negative investor sentiment reduced the market cap of the top digital asset to $1.66 trillion after BTC’s failed attempt to top $90k in its recent rally.
According to data from a cryptocurrency exchange, Bitcoin trading volume has fallen by 33% over the last 24 hours, bringing transaction value to $28 billion.
Traders said Bitcoin’s news cycle mixes technical pullbacks with bold long-term forecasts and regulatory scrutiny. Here are the latest updates:
Bitcoin price retreated toward $83,000 after a September 21 high near $87,400. Technical momentum weakened, with the 4-hour Average Directional Index (ADX) falling to 12.39.
Key support now clusters around $82,600–$83,000, while resistance sits at $85,200. Despite the pullback, U.S. spot Bitcoin ETFs recorded strong net inflows of $2.39 billion from September 21–25, indicating institutional demand persists beneath the price volatility.
The confluence of solid ETF inflows and holding above major moving averages suggests the bull structure remains intact, but a sustained break below $82,600 could trigger a deeper correction toward $81,000.
Ric Edelman, founder of Edelman Financial Engines, projected that Bitcoin could reach $1 million if global investors allocated just 2% of their portfolios to it.
He framed this not as a short-term price target but as a scenario for 2030–2035, based on the substantial value of global assets such as stocks and bonds.
Edelman criticised the crypto community’s messaging, emphasising that financial advisors are crucial for mainstream adoption. This is bullish for Bitcoin as it represents a high-profile, long-term valuation model from a traditional finance figure.
It reinforces the narrative of Bitcoin as a legitimate portfolio diversifier for institutions, though its immediate price impact is limited as the thesis spans nearly a decade.
Bitcoin’s narrative is split between near-term technical consolidation and ambitious long-term growth theories, all under the watchful eye of evolving tax regulation. Bitcoin Drops Below $84K as Investors Take Profits
