As the most popular cryptocurrency fluctuates around the $20,000 level, Bitcoin appears to be drifting sideways. BTC managed to climb back above $22K this week but then fell below $20K twice this week.
Bitcoin might drop as low as $16,000 or as high as $18,000 if the indices experience another decline. Analysts believe that a recession is on the way and that both the cryptocurrency and stock markets may experience declines.
Bitcoin might crash to $10,000, according to Gareth Soloway, the Chief Strategist of InTheMoneyStocks.com. According to Soloway, BTC may increase to between $25,000 and $30,000 levels while displaying deceptive signs of recovery, such as a bull trap. Then, BTC can start falling and hit $10,000 at various points.
The Next Six Months will be Crucial for BTC?
Within the next six months, according to the expert, Bitcoin might drop to $10,000. In addition, Soloway said that it could take Bitcoin two to three years to recover from the 2022 market meltdown, as a recession would make it more difficult to experience a bull run.
“When you have everyone calling for a low of $20K. You have a lot of people putting stops just under $20K, and it’s the tendency of a market to run those stops, make people freak out, make the weak hands exit, and then you finally get a short-term bottom. I still see more downside. I still think that we will head down to $12K and that a price below $10K is very possible,” he said to TheCryptoBasic.
The price of bitcoin failed to accelerate above $21,700 and reversed gains. Below the $21,000 support area, there was a downward correction. Near the $20,550 mark, there is immediate upward resistance. On the hourly chart of the BTC/USD pair, a significant negative trend line with resistance near $20,550 is also developing.