Since September, Bitcoin has had trouble breaking above the $20,000 mark, but after the bankruptcy of the FTX crypto exchange, it has found stability at $16.5K. The cryptocurrency market appears to be decoupling from the U.S. stock market as the crypto price continues to decline.
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Bitcoin (BTC) is expected to hit bottom, according to mathematical models and seasoned analysts, somewhere around $14,000. Michael van de Poppe, a well-known crypto analyst, however, predicts Bitcoin will bounce back after reaching $10,000.
Is the Price of Bitcoin (BTC) About to Drop to $10,000?
Peter Brandt, a seasoned trader, forecast that the price of Bitcoin will fall to $14K. The CTO of Digital Wealth, Daniele Bernardi, believes that Bitcoin’s price will bottom at around $14,500. For his forecast, Bernardi used a combination of mathematical research and computer modelling based on Bitcoin’s price history.
The cycle of Bitcoin is highly regular, based on the halving that occurs roughly every four years and reduces payouts for miners. Therefore, we analysed a large quantity of quantitative data pertaining to this and uncovered a massive trend in these shifts.
Bitcoin will reach $10,000, according to Michael van de Poppe. In light of FTX’s demise, he said, people who planned to buy Bitcoin under $20,000 are now selling at a loss. In contrast, if Bitcoin’s price breaks over the $16,800-17,000 level, it might skyrocket to $18,400. The range of 16250-16450 is a solid floor.
Investment-Term Bitcoin Hoarding
Cascading effects from the FTX bankruptcy have cast fear, uncertainty, and doubt (FUD) over the cryptocurrency market, increasing the risk of a further BTC decline. For the long haul, some people are clearly hoarding Bitcoin.
Based on the on-chain data, the percentage of BTC that appears to have been purchased in the last week to month has recently hit 3% of the entire UXTO. In spite of this downward tendency, it has been on the rise ever since the FTX crisis.
In a bull market, traders preserve constant profits through split selling, whereas in a bear market, they continue hunting for opportunities to buy.
The Bitcoin price has been flat for the past 24 hours, hovering around $16,536. Recently, Bitcoin dropped below $15,599, but it has since recovered thanks to purchases from “whales.”
Source: Google Trend
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