Bitcoin Could Reach US$14k Before the End of 2022, Alarms Crypto Analysts

Bitcoin
Bitcoin

Analysts predict that Bitcoin might fall further below by the end of 2022

The price of Bitcoin plunged to its lowest point since July 2021. The crypto market went into a full meltdown mode since the end of the year 2021, triggering an unpredicted sell-off season. Even popular celebrities like Kim Kardashian and tech giants Elon Musk have talked about the declining values of cryptocurrencies and how it is affecting them. When Bitcoin fell, it brought down the entire crypto market along with it. For quite a long time, the crypto has been hovering over the US$30,000 mark, and quite suddenly fell below the resistance, making investors quite anxious about BTC’s future prospects. Currently, Bitcoin is stabilized at the US$29,000 resistance. But it seems like crypto analysts are unsure about its stability. Amid the great crypto crash, Bitcoin finally witnessed an uptrend this week as its price wavered a little above the US$31,000 mark. But then again, it fell back to the US$29,000 mark, failing to maintain its position. But then again, that is not it! Experts believe that Bitcoin may dive further below and can even touch the US$14,000 resistance.

Reports reveal that Bitcoin investors are coming back even though major altcoins continue to bleed. The price of BTC fell even further as Terra LUNA disintegrated into ashes, wiping out most of investors’ wealth. Analysts have stated that BTC’s current upward momentum might be limited and a bullish price rally one of the last things that investors should expect from the crypto. Besides this, the crypto market is uncannily following the stock market that is driven by several macroeconomic and financial factors of the world. This is one of the many reasons why investors are fleeing riskier assets like Bitcoin for safe havens like real estate and gold.

According to the historical patterns involving Bitcoin’s halving cycles, this year is not supposed to bore many results for the investors. The year 2022 will much likely be similar to the 2018 bearish crypto market. Key indicators have estimated that according to the previous all-time dips in the bearish market conditions, the BTC price could be somewhere between US$14,000 to US$21,000. Such price developments generally discourage investors from diversifying their investment portfolios by indulging in digital assets. And if Bitcoin really falls as low as US$14,000 or even close to it, it was actually result in the loss of nearly 80% of its value from its all-time high of nearly US$68,000.

There are several investors who are in love with the volatility of cryptocurrencies would happily invest in Bitcoin under the given circumstances. Major crypto exchanges have reported that activities in the cryptocurrency market have increased exponentially and were being followed by wider trends. More and more professional investors are joining the market and adopting Bitcoin, indicating that it is still the largest and the most trustworthy cryptocurrency investment to date.

Bottom Line

Investors are quite worried about the impact of global incidences on the crypto market. Even after the massive volatility in the crypto market, Bitcoin is still being adopted by some of the major national and democracies in the world. In fact, crypto played a huge part in the Ukraine-Russia war, so much so that EU legislators planned on banning Bitcoin altogether! Nonetheless, BTC is striving against all odds to make sure it retains its position as the top cryptocurrency in the market. But its further declining value might pave way for major altcoins like Ethereum to overtake Bitcoin in the future.

The post Bitcoin Could Reach US$14k Before the End of 2022, Alarms Crypto Analysts appeared first on .



from https://ift.tt/3xHmzi5

*

Post a Comment (0)
Previous Post Next Post