An analyst, who came to the fore with his analyzes on cryptocurrencies, stated that the probability of it happening is also quite high. Bitcoin (BTC) He claimed that the price could drop below $30,000.
The analyst thinks that if Bitcoin fails to hold the $40,000 support level, painful selling pressure is ready. Adding that the crypto money market has lost momentum compared to the stock market, the analyst drew attention to a different issue.
Bitcoin Price Drop Could Trigger Bear Market
If Bitcoin loses the critical support level, we may witness another bear market instead of a correction phase. On the 24-hour chart, Bitcoin traded low at $38,338 and gradually rose to its current trading price of $40,122.
Ethereum (ETH) However, it fell below the $3,000 level to $2804. However, it slowly gained momentum and is currently trading at $3,002. Dogecoin (DOGE) is the only cryptocurrency to surpass the current market conditions. The meme coin, which was highly influenced by Elon Musk, gained great momentum after the news that Elon Musk would buy Twitter.
Dogecoin has gained 23% in the last 24 hours and is currently trading at $0.1589 at the time of writing.
Bitcoin forecasts have changed significantly since the start of the year, with some analysts predicting that 2022 will be darker for the cryptocurrency as global economic conditions erode investor confidence.
A new study published by Finder has slashed forecasts for Bitcoin to reach $65,000 by the end of 2022, thus dampening hopes for an all-time high this year.
According to research by Finder, the price of Bitcoin could reach $65,000 by the end of the year, down from the previous projection of $70,000. Finder’s research is the result of carefully selected research by more than 35 experts and analysts. The vast majority of analysts were pessimistic about BTC’s short-term prospects. The work added even more to this.
Although no specific justification was given, one analyst suggested that Bitcoin’s reliance on fossil fuels could limit its growth.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.