Bitcoin Might Go to As Low As US$10k Before Making a Comeback



Bitcoin

Is the cryptocurrency market ready for Bitcoin to drop from US$20k to US$10k for a comeback status?

After the dramatic crypto crash of stablecoin, Terra, in this highly volatile cryptocurrency market, it is time for Bitcoin to create tension among crypto investors. Bitcoin (BTC) is the topmost cryptocurrency in the entire market with high volatility. But this behavioural pattern cannot stop BTC from attracting millions of crypto investors to drive profits in the crypto wallets. Bitcoin is facing a drastic crypto crash and has reached the US$20k level since its high-time record hit of US$68k in November 2021. This has created a storm in the long-term crypto investors but buys the dips investors are highly interested and reaping the benefits of the decline.

The crypto crash of Bitcoin since May 2022

Crypto investors are aware of the global cryptocurrency market cap has fallen down the US$1 trillion mark. The aggregate value of all tokens summed up to US$896.97 billion on June 17, 2022. The current BTC price is US$20,859.20 with a market cap of US$397.28 billion and a volume of US$32.60 billion. It is unbelievable for crypto investors to experience this drastic crypto crash from US$68k to US$20k. This is the first time since December 2018 that the Bitcoin reading of the indicator has dropped down the 30 thresholds.

Bitcoin crypto crash happened due to multiple reasons such as the Celsius Network (CEL) took a fall of 70%, the US inflation rate has raised to 8.6% while affecting the economy with a massive sell-off on the weekend, and many more.

It has been speculated that the BTC price will hit US$10k in 2022-2023 as the worst-case scenario for the entire community of crypto investors and tech companies relying on this cryptocurrency for payment transactions. The prediction is that after hitting the rock-bottom level of US$10k, Bitcoin may turn around for a comeback while reaching the US$50k zone.

Cryptocurrency experts have started mentioning that the tightening of Federal Reserve policy— raising the target for the federal funds rate to the range of 1.5% and 1.75%, as well as the shrinking the balance sheet will create a huge impact on the change in BTC price. The transactions are paused and slowed down for the overflow. Thus, Bitcoin can push forward its price towards the US$10k zone, surpassing the current US$20k price level. Bitcoin crypto crash is experiencing a bear market with the downfall of the global economy. Long-term crypto investors are on the verge of selling their digital currencies, despite incurring a huge loss. It is said that BTC’s price has lost the 65% of its market value since November 2021. It should be reminded that the cryptocurrency price had dropped from US$19k to US$3k in 2018— a major fall of 80% in a year. The history maybe is repeated in the current cryptocurrency market in 2022-2023.

The coming of the crypto winter before crypto spring!

Crypto investors are set to experience the crypto winter in the nearby future with a crypto crash like Bitcoin or Terra in this bearish cryptocurrency market. The maximum of them is hopeful that after the drastic crypto winter, they will get to see the other bright side— crypto spring. Bitcoin will come back with hits over US$50k to drive substantial profit in crypto wallets in the nearby future. Crypto investors should carefully check the asset allocation while utilizing BTC tokens with a small amount. Crypto investors who are waiting for the investment opportunity must wait for the stable condition of Bitcoin to come out of the crypto crash.

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