‘Bitcoin is dead’- It is finally when BTC hits the bottom and it is now
Source: Bitcoin BTC
- According to Gokhshtein, Bitcoin’s eventual bottom is very close and could spur an increase in BTC’s price.
- At least one analyst believes that Bitcoin could reach $5,000 in 2023.
Although many remain positive about Bitcoin’s chances overall, former US congressional candidate David Gokhshtein predicts a gradual descent to a bottom. According to him, Bitcoin is hitting rock bottom, just getting there quite slowly.
David Gokhshtein believes that an important clue to Bitcoin’s bottom is when people start to give up the royal coin. In a recent chirpinghe specified that this is already happening:
When people start giving up #Bitcointhat’s when you know we’ve really hit rock bottom.
And from the mood on social media, it’s happening slowly.
— David Gokhshtein (@davidgokhshtein) 12 December 2022
Gokhshtein’s recent tweet confirms a he posted last week, revealing the same sentiment. At the time, Gokhshtein said he was happy that Bitcoin “finally bottomed out,” suggesting that it would start to rise since it cannot go lower.
I’m happy #bitcoin finally bottomed out. 🙏
— David Gokhshtein (@davidgokhshtein) 6 December 2022
Although Gokhshtein is bullish, his optimism is somewhat limited, especially compared to several other bulls. Late last month, Gokhshtein disagree with articles suggesting that Bitcoin could reach $1,000,000 in a few years. He thinks this forecast is a bit too optimistic and suggests a seemingly more realistic “$250,000 per coin”.
I see more articles saying that now #Bitcoin going to reach $1,000,000 in the next few years.
I take $250,000 per coin.
— David Gokhshtein (@davidgokhshtein) 29 November 2022
Is Bitcoin Dead?
Bitcoin’s current relative underperformance can be traced to several reasons. First, there is a general crypto bear market affecting almost all assets. This plunge may be a direct result of several macroeconomic conditions, including geopolitical instability, market disruptions caused by the war in Ukraine and the COVID-19 pandemic.
Factors specific to the crypto market include Celsius Network’s transfer and withdrawal suspension that plunged BTC below $20,000 in June for the first time since 2020. The situation was also exacerbated by crypto companies suffering insolvency, especially after the FTX collapse. Considering that Bitcoin is exposed to conditions in the traditional market and the crypto market, the current underperformance is not surprising.
The highly speculative nature of Bitcoin suggests it could go either way in 2023. According to Bloomberg Intelligence crypto market analyst Jamie Coutts in a Twitter threadBitcoin could turn around next year even though the overall market may still be choppy:
2023 may still be a problematic year for risk assets (recession), but our global liquidity targets are beginning to reverse, creating tailwinds for #Bitcoin and the tentative beginning of a new cycle 🧵 pic.twitter.com/UjzqgR5xla
— Jamie Coutts CMT (@Jamie1Coutts) 5 December 2022
Like Gokhshtein, popular venture capital investor Tim Draper believes Bitcoin will rise to $250K. Draper had originally suggested it could happen in 2022, but has now extended the forecast to sometime in mid-2023.
Bearish on Bitcoin
However, not everyone is bullish on Bitcoin. For example, Standard Chartered’s global head of research Eric Robertsen believes that Bitcoin will continue to fall next year.
According to Bloomberg, Robertsen wrote in another note that Bitcoin could crash 70% to $5,000, further damaging the royal coin. The executive also said that people would likely switch from collecting Bitcoin as digital gold to buying the original yellow metal. His prediction suggests that this could lead to a 30% increase in the price of gold.
Furthermore, Robertsen believes that Bitcoin could crash if the crypto sector witnesses more bankruptcies in the wake of FTX’s crash and if the Fed decides to reverse rate hikes.
