Monday, February 6, 2023
HomeBitcoinBitcoin’s Price Again Drops Below, Will BTC Survive?

Bitcoin’s Price Again Drops Below, Will BTC Survive?

  • BTC again dropped down from $22k, now trading around $20,365.02.
  • As per Chambers, there is a high chance for BTC’s price to fall below $10k.

For the past few days, the largest cryptocurrency, Bitcoin (BTC) is continuously going through a wavy price momentum. Bitcoin has recently reached $22,000, after witnessing a sudden downfall. However, the market dominator has again crashed down with a significant price fall, amid current inflation.

Bitcoin Price Chart (Source: CMC)

At the time of writing, BTC is trading around $20,365.02 with a 24-hour trading volume of $50,796,742,453. According to CMC, Bitcoin has decreased nearly 8.74% in the last 24 hours. 

BTC Remains Unstable

The prominent financial experts have different viewpoints regarding Bitcoin’s recent price actions. According to the analytics, If Bitcoin’s price doesn’t continue to rise, the market will see a sharp decline in its value. 

Financial analyst, Clem Chambers stated:

Bitcoin is likely to reach $40,000 if it maintains strong momentum. However, there is still a high chance that the price will reach the dreaded $10,000 if it fails to hold the $17,000-$18,000 level.

The market dominator is facing a continuous fall throughout the year, as a result of numerous reasons. BTC’s market cap decreased as it lost more than half of its value with the cryptocurrency market. In 2022, Bitcoin has not yet made a remarkable surge when compared to the price pattern over the previous couple of years.

Joe DiPasquale, CEO of BitBull Capital added:

We don’t expect a long-lasting trend shift at the moment and look forward to further accumulation around and below the $20K region for BTC.

Currently, the global crypto market shows a bearish signal. Apart from Bitcoin, major altcoins are also going through a sudden downfall amid the market crash. 

Recommended For You: 



Please enter your comment!
Please enter your name here

Most Popular

Recent Comments