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The price of bitcoin (BTC) came to fall today to the line of USD 25,000 awakening terror in the market, after touching USD 31,640 in the early morning. After this sharp depreciation caused by a wave of massive sales, it managed to recover a little so far this day. At the moment it is trading at USD 29,000, but the community fears that it will go down even more.
From CriptoNoticias we talked to the trader Eduardo Gavotti about what his predictions are for the cryptocurrency. According to his perspective, he told that he initially thought that bitcoin price could find strong support and demand in the range between $21,000 and $24,000, but now he’s not so sure about that.
He estimates that, with how fast the low, he does not rule out the possibility of BTC falling below $10,000. If this prediction is fulfilled, we would be facing an unprecedented situation in the history of Bitcoin, since the long-term growing trend that has characterized it would be broken, he warned.
“I don’t want to be a prophet of disaster. It’s not my style and I dislike it when I read apocalyptics. But I can’t rule out that possibility,” he said. In accordance with his projection, the cryptocurrency investor CryptoWhale he shared on Twitter that he also believes that bitcoin will reach $10,000 this year.
Market fears more massive sales that will bring down the price of bitcoin
The outlook does not look good with the distrust generated by the fall of UST and LUNA, added to that of USDT. At the moment, the market is in a state of “panic” or “extreme fear”, according to the index Fear & Greed, what it could motivate massive BTC sales. Even from whales, that is, investors who have a lot of BTC volume, such as the Luna Foundation.
In line with this idea, other industry players have published bearish predictions. Something that had already been done for a few weeks, when BTC fell from 37,000, the support it had maintained during the year. Although they have now become more acute, given that the cryptocurrency came below the $ 28,000 line, a price that it had not touched since 2020.
Although this is not everyone’s vision. Beyond the fact that BTC could fall further, some maintain bullish conviction for the cryptocurrency in the long term. As for this, MinimalTrader indicate“I’ve already seen this movie. Let’s see friends, calm down. It’s not the first time the market has been like this and it won’t be the last. This is what is happening is the normal of a financial market.”
In the same vein, the analyst Nakamotolisk estimate that each cycle reduction has been approximately 83% in bitcoin, both in 2012, 2015 and 2019. According to your perspective, this repetitive trend is happening again now that the cryptocurrency has already lost 58.7% of its value since its all-time high at $67,800 six months ago.
Therefore, he believes that BTC could reach $17,000 in this drawdown and then rise again to make its next all-time high. This bullish thought is also reflected in the biggest cryptocurrency enthusiasts, such as Michael Saylor, the owner of MicroStrategy.
Saylor he tweeted today, bitcoin is the best hedge against inflation, since it is the asset that has appreciated the most over time. Even, despite the current drop, he recalled that, since he announced that he would save MicroStrategy reserves in BTC in August 2020, the cryptocurrency has increased 149%. So he made it clear that he maintains his bullish vision.
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