Two Bitcoin analysts, whose past predictions have been released, shared their new price predictions. Accordingly, analysts are waiting for new decreases for the BTC price. They are also predicting a lower low than the June low of $17,600. Here are the details…
“Bitcoin may drop as low as $10,000”
The cryptocurrency analyst of the DataDash channel expects a rapid and drastic drop in Bitcoin price. According to him, the leading cryptocurrency will reach the lows of the new bear market. Analyst Nicholas Merten spoke to the 514,000 viewers of the DataDash channel. The analyst warned his followers that BTC will drop to a minimum of $14,000. Meanwhile, he added that the new bear market will be more severe than most investors expected. Merten shared:
“We have to prepare for the worst. Expect Bitcoin to go back to the levels it went to in previous bear markets. It is currently moving within this range, which is potential resistance with the October 2020 breakout. We ran multiple tests on this 200-week moving average. This would mean a clear correction of close to 80% for Bitcoin’s ATH price. Similar to previous bear markets. Get ready for $14,000.”
After that, Merten said that a worse scenario is also possible. Referring to a previous percentage correction, he predicted the last key level of a downside range would be $10,000. If the new bear market is like the big and tough bear markets of the past, it is likely that the Bitcoin price will drop to this level. If this happens, BTC will have corrected 85% from its ATH.
“Violated support, these bottoms are near”
A pseudonymous crypto analyst, DonAlt, is not as pessimistic as Merten, but expects a drop for Bitcoin. The analyst says the new bear market for Bitcoin is coming as the stock markets struggle to build up any bullish momentum. According to him, BTC price will continue its downward movement from the current price level. DonAlt states that Bitcoin has breached the support between $18,000 and $20,000. Therefore, it warns traders that it has registered a new low cycle:
“In these types of ranges, what often happens is that you go below the range ($22,000 to $18,000) and then come back and trade. This seems more likely to me. I think there is a good chance that this range will be broken down and then retracted and ultimately bullish for BTC.”
At the time of writing, Bitcoin is trading at $19,101, up 1.71% in the last 24 hours. After talking about the price range, DonAlt asks if this range can be broken. According to him, no one knows the answer to this question. But if the range is broken, new lows are near for BTC. The analyst predicts that in case of any breakout, BTC could easily fall as low as $17,000, $16,000 and $15,000. cryptocoin.com As we reported, DonAlt correctly predicted the BTC price more than once in the past.
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