Terra’s stablecoin had a dramatic crash, and Bitcoin is also creating perturbations among crypto investors. Bitcoin (BTC) is the largest cryptocurrency in this extremely high-volatile market.
However, these market conditions are not stopping Bitcoin from captivating millions of cryptocurrency investors. Bitcoin drastically crashed and has hit the $20k level since its all-time high price record of $68K last November 2021.
The vast crash created a storm for long-term crypto holders, but investors who are always eyeing the dip in the market found an opportunity in the price decline.
Many Wall Street experts have speculations about Bitcoin hitting the price of $100,000 within this year, 2022. However, other experts are taking a stance on their arguments that BTC might fall down to the $10,000 price level.
Inevitable Collapse in the Crypto Space
There are a lot of factors that give huge impacts on Bitcoin and other digital currencies. For instance, the uncertain reserves for Tether (USDT), the leading stablecoin globally, is a considerable cause for it to collapse.
Also, Ethereum is currently in the stage of a major upgrade. If there’s an issue in technical aspects, it might erode the investors’ trust. The latest technology could undermine the very premise of Bitcoin.
A collapse in the crypto market can occur at any time. The best way to keep secure from it is to use a crypto exchange or platform that has no collapse or crash record. One of the most secure platforms to use is Bitcoin Profit. It has proven excellent and impressive records from the users’ reviews.
In this article, let us analyse how experts view the price prediction of Bitcoin (BTC) in the future, whether it will soar high up to $100,000 or drop below the $10,000 price zone.
Bitcoin’s Possibility of Hitting $10,000 Price Level
As you can notice, most of the predictions of Bitcoin dropping low in value come from the experts who are sceptical about BTC and other cryptocurrencies. However, there is a huge possibility that BTC might hit that $10,000 price level.
These crypto critics might be right at predicting the collapse of the crypto market, but there are a lot of factors to look into that give an impact on the price jump or fall of Bitcoin and other cryptocurrencies.
Louis Navellier, the founder and chairman of a $2.5 billion asset management firm, Navellier & Associates Inc., one top money manager, recently made a devastating and shocking Bitcoin price prediction. This price prediction greatly affects various crypto enthusiasts. Navellier points out that the value of the flagship crypto-asset might crash to as low as $10,000 if a particular situation were to occur.
According to him, there will be an 80% downward trend if Bitcoin forms a frightening double-top pattern. It will drag the price lower, which might signal the end of the bull market.
The double-top pattern shows that an asset’s price might visit from its previous price levels years ago. Navellier predicts that there will be a decline below $46,000 to be a yellow flag (200-day Moving Average).
There will also be a decline below the spring low of $28,500. These declines will complete the drastic double-top, which will point to a declining level below $10,000. This price zone will match its 80% decline history.
Bitcoin’s Crash for More than 80% In 2018 Might Happen Again
This Bitcoin price prediction might be disturbing and ridiculous. However, it’s not unusual for Bitcoin’s price to encounter a price correction of more than 80% when its price value crashed in December 2018.
This prediction will be a price correction since the U.S. Federal Reserve’s bond purchase may give the biggest boost to the largest crypto asset. The tapering of the Fed will create a price correction on risky assets, including Bitcoin.
Extreme price volatility will be expected on many financial assets such as Bitcoin as the Fed tapers more.
Generally, Bitcoin and other digital currencies are very risky assets. Volatility is part of their nature. However, what really matters is your long-term perspective on how Bitcoin and other cryptocurrencies might perform. Bitcoin believers view the largest digital asset as something that could revolutionise the way people use money. Some of them treat Bitcoin as a form of digital gold. The way how people perceive a digital asset is a huge factor that might impact its value.
Source@techsaa: Read more at: Technology Week Blog