- Bitcoin price nosedived 5.2% within an hour, dropping from $23,435 to $22,259, but traders didn’t show serious concern until 12 hours later.
- Bitcoin’s social dominance hit a two-week high, as BTC price discussions started skyrocketing when the asset failed to rebound.
- Arthur Hayes, former head of BitMEX exchange believes there are only two scenarios for BTC price, either a massive decline or a smooth recovery.
Bitcoin witnessed a massive price drop on March 3, dropping from $23,435 to $22,259 within an hour. Experts at Santiment note that traders didn’t take note of the price drop until 12 hours later when BTC failed to rebound.
Also read: Why analysts believe Bitcoin is going to zero, will BTC price nosedive?
Bitcoin price plummets and BTC witnesses a spike in social dominance
Bitcoin price nosedived from $23,435 to $22,259 within an hour on March 3 at 1 AM UTC. Experts at Santiment, the crypto intelligence tracker noted that traders didn’t show serious concern until 12 hours later when the asset’s price failed to rebound.
Interestingly, Bitcoin’s social dominance hit a two-week high when discussions surrounding BTC’s likely recovery started taking over social media platforms. According to experts, social dominance needs to climb higher for the largest asset by market capitalization to turnaround.
Bitcoin social dominance rises
What to expect from Bitcoin price?
Arthur Hayes, the former head of BitMEX exchange believes there are only two scenarios for Bitcoin price. In the first scenario the price of risk assets continues rising smoothly, and BTC could witness a gradual price increase.
Hayes believes Bitcoin has already passed the bottom, “because almost all the irresponsible persons who could go bankrupt — have gone bankrupt.” In this scenario, crypto winter is finally over and BTC could rally to the $40,000 price level in late 2023.
According to Hayes, in scenario two, risky assets would plummet, and 2023 would be just as bad as 2022. Bitcoin price could continue bleeding and risk assets would witness a steep correction similar to 2022.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks

BNB price enters 7-day winning streak as Binance liquidates over $5.9 billion from BTC, ETH and SOL holdings
Binance Coin (BNB) price surged past $650 on Wednesday, marking a 15% increase over seven consecutive days of profit. Market reports suggest that recent trades executed by Binance’s parent company could drive further BNB price gains.

Dogecoin stabilizes at $0.25 as PEPE, TRUMP near double-digit losses
Dogecoin (DOGE) price holds firmly above the $0.25 level on Wednesday, while on-chain data links DOGE’s resilient performance to institutional interest and long-term investors’ reluctance to sell the token amid Exchange Traded Funds (ETFs) speculations.

Trump’s tariffs shake crypto market, Bitcoin’s future uncertain
Donald Trump’s new tariffs have caused turbulence in the crypto market, leading to a sharp drop in total value and billions in liquidations. While uncertainty remains, some analysts believe these trade policies could create long-term opportunities for Bitcoin.

Solana Price Forecast: SOL gains ETF boost amid $3 billion unlock fears
Solana is down 1% on Tuesday following negative sentiment surrounding its upcoming $3 billion token unlock. Meanwhile, Franklin Templeton is likely entering the race for a Solana exchange-traded fund following its filing for a Solana Trust in Delaware.

Bitcoin: BTC shows weakness, bears aiming for $90,000 mark
Bitcoin price hovers around $97,000 on Friday after losing nearly 5% in the last three days. CryptoQuant weekly report shows that activity on the Bitcoin network has declined to its lowest level in a year.

The Best Brokers of the Year
SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.