Bitcoin may bottom out at $3k after falling to $10k, analyst predicts
Bitcoin traded at $35,000 in January this year, but plunged to $18,000 in mid-June. The crash sent shockwaves across the cryptosphere at a time when the TerraUST and Luna collapses were still a fresh memory. Google searches for “will Bitcoin go to $0” saw a peak during this period as investors feared the worst.
Read here to know the odds of Bitcoin going to $0. However, Bitcoin is in recovery mode now as it rallied in the last two weeks and reached $24,500. BTC is looking to break the $25,000 mark and another rally could push it over the finish line. While investors are wary of a crash anytime soon, finding the “Bitcoin bottom” is now a challenge.
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Bitcoin price prediction
Financial expert John Squiresaid the partner at Ojamu, an AI & Blockchain powered platform exclusive to Watcher Guru about Bitcoin’s price movements. Squire warned that markets could face a bloodbath in the coming months as the economy teeters on the brink of a major macroeconomic crisis. Rising inflation, along with a looming recession, is a cocktail brewing for impending disaster, he predicted.
Squire predicted that Bitcoin will first cross the $25,000 mark and will slowly reach $28,000. The analyst claims that the ongoing peak is nothing more than a bull trap and that the markets will see a reversal.
The financial expert predicted that Bitcoin will crash to $10,000 and things will only get worse from there. Squire argued that after BTC goes to $10,000, fear would grip the markets and institutional investors would flee.
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According to Squire, Bitcoin will bottom out at $3,000 as the economic crisis will worsen in the coming months.
“This week, Bitcoin will be able to break the $25K barrier and then set a target of $27.5K and $28K. But this is only a small bullish direction within the big downtrend given that we are on the verge of a major macroeconomic crisis. he said.
Squire added, “When Bitcoin drops to $10K, the market will be so scared that we will bottom out at $3K.”
The analyst stated that taking an entry position when Bitcoin bottoms out at $3,000 is an ideal investment. However, he warned that BTC will not break its all-time high of $69,000 anytime soon and predicted that it could only reach $30,000.
At press time, Bitcoin was trading at $23,414 and is up 2.7% in 24-hour trading.
