$30k or free fall to $14k?

• The Bitcoin network boasts 50,638,279 holders, and a hash rate of 258.32 (EH/s).
• Meanwhile, Bitcoin has a market cap of approximately $365 billion and a dominance of 38.52 percent.

Bitcoin price has been hanging on the $19,000 support level for the past couple of months. However, analysts and market strategists unanimously agree that the Bitcoin price is set for high volatility. The big question now is what direction the crypto market will take in the near future. As for the Bitcoin price, with the calmness of the last few months, the next possible stop is towards $30k or $14k.

By doing this, you arouse a thought of fear and anxiety at the same time. A further drop towards $14k could mean the traditional crypto bull markets become invalid. More because at no point has Bitcoin price ever gone below its previous ATH during a bear market.

Still, a drop toward $14k doesn’t invalidate all previous developments and gains over the past few years. As Binance CEO CZ once tweeted, even if the Bitcoin price falls below 2018’s ATH, it won’t have erased the fact that two countries use the asset as legal tender.

Otherwise, the Bitcoin network boasts 50,638,279 holders, and a hash rate of 258.32 (EH/s), according to on-chain data. Meanwhile, Bitcoin has a market cap of approximately $365 billion and a dominance of 38.52 percent.

Bitcoin Price and Market Outlook

According to our market data, Bitcoin has fallen roughly 71 percent from its ATH of $69k set late last year.

The increased cases of blockchain and cryptocurrency attacks have contributed to the persistent bear market. Remember, the bear market was cemented after the Terra Luna crash in May, which resulted in a loss of over $40 billion.

Otherwise, other major blockchain attacks, including the Axie infinity bridge, caused over $600 million in losses, and the recent “hacktober” has lost over $700 million, according to Chainalysis.

However, the Bitcoin price is expected to continue to rise in the long term based on the programmatic halving event. The next one is expected in 2024.

According to data provided by Bitcoinblockhalf, the current Bitcoin inflation rate per year is 1.73 percent.

As such, it is expected that more institutional investors and retail traders will adopt Bitcoin, among other digital assets, in an effort to avoid the rising fiat inflation.