With cryptocurrencies in dire straits, everybody is looking at the poster boy of the crypto world, Bitcoin, to see where it is heading next. While some experts are confident, that Bitcoin will soon reach the $30,000 benchmark, others are not so hopeful and expect it to slide down further from its current position, a Nasdaq report said.
Exactly a year ago, Bitcoin was trading close to $30,000, and crypto investors were gunning for the altcoin to climb new heights. Bitcoin obliged and reached an all-time high of over $67,000 in November in a few months. Barely would anyone then have thought that Bitcoin would through one of its worst days and the buzz about cryptocurrencies would die so quickly.
With crypto companies cutting jobs and preparing for long winter that will see their funding freeze, the biggest question now is, where will Bitcoin go next? Trading at about $22,000, it is currently at around a third of its value from its November peak. However, with fears of high inflation, hiked interest rates, and incoming recession, one would guess that even long-term investors will drop Bitcoin for safer pastures.
Will Bitcoin hit 10k?
According to an MLIV Survey that was conducted earlier this month, as many as 60 percent of pollsters believed that Bitcoin was set for another fall and could its value drop to $10,000 soon, Bloomberg reported. The survey included 950 investors on the Wall Street and found that while insitutional investors showed some faith in digital assets, retail investors very apprehensive about cryptocurrencies at large.
A similar suvey that involved 2,200 people and was carried out China, showed that as many as 40 percent respondents were ready to buy Bitcoin, when its value hit $10,000 while only eight percent willing to purchase it at $18,000, Coin Telegraph reported. Citing a technical analysis, the report also said that Bitcoin had started to show a “bear flag” pattern and that the currency would like dip to $13,000 mark by September.
Some see positive signs
While most reports might be pointing towards doom and gloom in the near future. some like the pseudonymous cryptoexpert KALEO have a positive outlook, reported DailyHodl. Based on his analysis, Bitcoin seems to be heading towards a better period, as have hit bottom of its fall. The crypto expert does not expect Bitcoin to bounce back to its November peak anytime soon and tweeted,
I still believe the most likely outcome is a range between $20K – $30K through at least the next several months, so while a bounce from here might take us to around $30K – I don’t see it as anything to get overexcited about quite yet. https://t.co/PxTTTumo9I
— K A L E O (@CryptoKaleo) July 15, 2022
All he expects is a little relief from the bearish market we have seen Bitcoin in the past few months. Kaleo’s strategy still appears to being patient and keep stacking, with gains being realized only in 2024/ 2025.