Crypto Analysts estimate that Bitcoin may fall further below by the end of 2022.
Bitcoin’s price has dropped to its lowest level since July 2021. Since the end of 2021, the crypto market has been in full breakdown mode, unleashing an unanticipated sell-off season.
Even well-known celebrities, such as Kim Kardashian, and tech titans, such as Elon Musk, have spoken out about the falling value of cryptocurrencies and how it is affecting them.
When Bitcoin plummeted, the entire crypto market plummeted with it. The cryptocurrency had been lingering around the US$30,000 mark for a long time, but it recently slipped below the resistance, causing investors to be concerned about BTC’s future prospects.
Bitcoin is now holding steady at the $29,000 resistance level. However, it appears that crypto specialists are sceptical of its long-term viability. Bitcoin finally saw an upswing this week, as its price hovered just above the US$31,000 barrier, despite the massive crypto crash.
However, it then plummeted below US$29,000, failing to hold its position. Bitcoin, according to experts, might fall further lower and potentially strike the US$14,000 resistance level.
What The Analysts Say
BTC’s present upward momentum, according to analysts, may be limited, and a bullish price increase is one of the last things investors can expect from the cryptocurrency.
Aside from that, the crypto market is eerily similar to the stock market, which is influenced by a variety of global macroeconomic and financial issues. Which is one of the numerous reasons why investors are avoiding risky assets such as Bitcoin in favour of safe havens like real estate and gold.
Despite the fact that Bitcoin continues to fight against all odds to maintain its position as the world’s most valuable cryptocurrency, its continued decline in value may allow big altcoins such as Ethereum to replace Bitcoin in the future.
DISCLAIMER: The content in this does not constitute investment advice; it is only intended to be instructive. You should always do your own research and consult with financial professionals before making any investment decisions.