Bitcoin was trading at $35,000 in January this year. However, it dropped to $18,000 in mid-June. The price crash sent shock waves into the crypto space at a time when the TerraUST and LUNA crisis was still a fresh memory. Searches for ‘Will Bitcoin go to $ 0’ on Google have increased in this period. Because the aforementioned time period was when investors feared the worst.
However, BTC has gained in value over the past two weeks, reaching $24,500. Therefore, it is currently in recovery mode. BTC wants to break the $25,000 limit. It is also possible that another rally will push him to this finish line. Investors are still wary that a crash could happen anytime soon. Because predicting the ‘Bitcoin bottom’ has now become a challenge. As we reported as Kriptokoin.com, BTC was trading at $22,884 at the time of writing. However, a financial expert is giving eerie predictions about the price levels Bitcoin will go to.
“Bitcoin price may drop below $10,000”
Financial expert John Squire, partner of blockchain-powered platform Ojamu, shared his Bitcoin price predictions. Squire said the economy is on the brink of a major macroeconomic crisis. For this reason, he stated that the markets may turn into a bloodbath in the coming months. Squire sharply warns investors about this. To him, rising inflation, with an imminent recession, is a cocktail for impending disaster.
The financial expert predicts that Bitcoin will cross $25,000 first and slowly reach $28,000. However, he underlines that the continued uptrend is nothing more than a bull trap. According to him, once the BTC price reaches $28,000, the market headwind will reverse and prices will start to decline. Squire claims that the leading cryptocurrency will drop to $10,000 at this point. Then he says things will get worse. According to him, once the $10,000 level is reached, fear will engulf the markets. Thus, investors will start selling their Bitcoin holdings.
“Next BTC level is $ 3,000”
According to Squire, the economic crisis will worsen in the coming months. Therefore, after $10,000, the Bitcoin price will drop to $3,000 with selling pressure. The analyst expects the price to bottom out at this point. According to him, BTC will rise from its current price to break $25,000 and reach $28,000. However, there will be only a small upward movement amid this macroeconomic crisis. Then the price will drop to $10,000, scaring investors. With sales from investors, the price will drop to as low as $3,000. However, the analyst states that it would be an ideal investment to take an entry position when BTC bottoms out at $3,000. However, he also warns that Bitcoin will not break its all-time high of $69,000 anytime soon. According to him, the leading cryptocurrency will reach a maximum of $ 30,000.
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