$BTC Until recently, there were no institutional investors in Bitcoin; crypto enthusiasts with an HODL strategy simply weathered the dips, which could reach 80%, says Radchenko. Now, according to him, phenomena such as institutional "stops" and forced sell-offs have appeared in the market. While "institutions are now hesitating," the question arises: where will the next demand come from, the expert ponders.

He pointed out that negative factors are accumulating in the crypto industry: miners are operating at a loss, Michael Saylor is "below the waterline," investors have just been "burned" on structured products, early cryptocurrency holders continue to sell coins, locking in profits, and Bitcoin developers are mentioned in Epstein's files.

"I think it's unlikely that we'll see a V-shaped turnaround right now. There are no buyers systematically purchasing," the analyst believes.

In his opinion, Bitcoin could stay in the $65,000-$80,000 range for 3-4 months or even longer. The asset is likely to become "interesting" when a new head of the U.S. Federal Reserve begins to cut rates, Radchenko says. At the same time, he does not rule out that the growth expectation could be delayed due to declining institutional interest.