“Whales continue to hammer the price,” commented Sean Farrell, head of digital assets at Fundstrat, regarding Bitcoin’s drop. According to him, large holders of cryptocurrency, known as whales, have contributed to the fall in Bitcoin’s price. In recent weeks, billions of dollars worth of Bitcoin have been moved from private wallets to exchanges, presumably to be sold.

Farrell noted that the government shutdown and slowing economic growth added further pressure to the market, causing Bitcoin’s price to drop below $100,000, its lowest level since June. Moreover, data showing a contraction in the manufacturing sector and the lack of growth in the equity market also hindered the cryptocurrency’s rise.

Despite the current volatility, Farrell remains optimistic about the end of the year. He suggested that the end of the shutdown would be a positive catalyst for Bitcoin’s growth, which would, in turn, support the broader cryptocurrency market.

According to his predictions, Bitcoin could reach a price range of $150,000 to $200,000 by the end of the year, which presents a positive outlook for all market participants.