Popular Analyst Predicts Bitcoin (BTC), Price Risks Fall to $10,000
Bitcoin price has held support at $16.5K after falling below $20,000 since September. This is despite the fact that it had struggled to surpass $20,000 since September. As the crypto market continues to struggle, it seems that it is slowly separating from the U.S. stock markets. Veteran analysts and mathematicians predict Bitcoin’s (BTC), bottom at $14,000. However, popular crypto analyst Michael van de Poppe believes Bitcoin will recover after hitting $10,000.
Is Bitcoin (BTC), Price Falling to $10,000
Peter Brandt, a veteran trader, predicted that Bitcoin’s value would fall to $14K. Daniele Bernardi, CTO at Digital Wealth, predicts that the Bitcoin price will bottom out at $14,500. Bernardi’s prediction is based upon mathematical analysis of computer models that are based on historical Bitcoin prices.
“Bitcoin’s cycle is very repetitive, based on the halving which occurs more-or-less every 4 years and which reduces rewards for miners. We analyzed a lot of the quantitative data related to this and found a huge pattern within these movements.
Michael van de Poppe predicts that the Bitcoin price will reach $10,000. He pointed out that while people were looking to buy Bitcoin below $20,000, people are selling Bitcoin at a loss after the collapse of FTX. If Bitcoin prices rise above $16,800-17,000, the Bitcoin price could reach $18,400. The support range is $16,250-16.450.
Historical Bitcoin (BTC), Price DataBTC Accumulation Long-Term
Due to the cascading effects of FTX bankruptcy, there is a sufficient chance of a further BTC decline. Some are accumulating Bitcoin in the long-term.
According to on-chain data the ratio of BTC, which appears purchased between 1 week & 1 month, has recently reached 3% of total UXTO. This is the lowest point based upon this downtrend, however it has been increasing ever since the FTX crisis.
Bitcoin accumulation for the long-term. Source: CryptoQuantTraders continue to look for buying opportunities in bear markets, while traders make stable profits by selling in bull markets.
BTC is currently trading sideways at $16,536, a drop of nearly 1% in 24 hours. Bitcoin dropped to $15,599 recently, but recovered after whales bought.
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The content presented may contain the author’s personal opinion and may not reflect current market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.