Analysts see further BTC downside, with one predicting a drop to $10K

While Bitcoin trades sideways around $87,000, the options market and some analysts are raising the possibility of a further decline, CoinDesk reported. According to options data from Derive, formerly Lyra, BTC's 30-day implied volatility has risen to around 45%. Increased demand for put options suggests traders are bracing for a potential drop below $85,000. Mike McGlone of Bloomberg Intelligence analyzed that the sharp rally that pushed BTC above $100,000 earlier this year may have triggered a cycle that could see it retrace to $10,000 next year. He noted that periods of extreme wealth creation are often followed by sharp downturns. However, some analysts believe BTC's price movements could be influenced by geopolitical risks and the overall leverage environment.