With cryptocurrencies in dire straits, everyone is watching the billboard of the crypto world, Bitcoin, to see where it is heading next. While some experts are confident that Bitcoin will hit the $30,000 mark soon, others are not so hopeful and expect it to drop further from its current position, a Nasdaq report says.
Exactly a year ago, Bitcoin was trading near $30,000 and crypto investors were looking to see the altcoin hit new highs. Bitcoin obliged and reached an all-time high of over $67,000 in November within months. Hardly would anyone have thought then that Bitcoin would be going through one of its worst days and the cryptocurrency buzz would die down so quickly.
As crypto companies cut jobs and prepare for a long winter that will see their funding freeze, the bigger question now is where will Bitcoin go next? Trading at around $22,000, it is currently around a third of its value from its November peak. However, with fears of high inflation, rising interest rates, and an impending recession, one would assume that even long-term investors would abandon Bitcoin for safer pastures.
Will Bitcoin reach 10k?
According to an MLIV survey conducted earlier this month, up to 60% of pollsters believed that Bitcoin was set for another fall and its value could soon drop to $10,000, Bloomberg reported. The survey included 950 Wall Street investors and found that while institutional investors showed some confidence in digital assets, retail investors were very concerned about cryptocurrencies in general.
A similar survey that involved 2,200 people and was conducted in China, showed that up to 40% of respondents were willing to buy Bitcoin when its value hit $10,000 while only 8% were willing to buy Bitcoin. buy it at $18,000, Coin Telegraph reported. Citing technical analysis, the report also said that Bitcoin has started showing a “bearish flag” pattern and the currency would like to dip to $13,000 by September.
Some see positive signs
While most reports could point to disaster in the near future. some like the pseudonymous cryptoexpert KALEO have a positive outlook, reported DailyHodl. Based on his analysis, Bitcoin appears to be heading for a better time as it has bottomed out. The crypto expert doesn’t expect Bitcoin to rebound to its November peak anytime soon and tweeted,
I still believe the most likely outcome is a range between $20,000 and $30,000 at least over the next few months, so while a bounce from here might get us to around $30,000 – I don’t see not that as something to get excited about quite yet. https://t.co/PxTTTumo9I
— KALEO (@CryptoKaleo) July 15, 2022
All he’s waiting for is some relief from the bear market we’ve seen in Bitcoin over the past few months. Kaleo’s strategy still seems patient and continues to accumulate, with gains not being realized until 2024/2025.