Bitcoin’s drawdown shouldn’t be blamed on US shutdown or AI: Analysts

An onchain analyst said every time Bitcoin has seen a plunge like this, it has “allowed us to move higher.”

Bitcoin’s recent price plunge has little to do with the recent US government shutdown or with the so-called AI tech bubble, according to crypto analysts.

Many market participants had speculated that Bitcoin (BTC) — which recently fell to its lowest level in almost eight months — was still reeling from widespread macroeconomic uncertainty due to the recent US government shutdown, which ended last week. 

Others suggested that concerns about an AI bubble are spilling into crypto markets. Victoria Scholar, head of investment for Interactive Investor, recently said:

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