There are still many theories that the crypto crash did not end yet. In fact, in a previous article, we did mention that the crypto winter is still looming over the crypto market. Bitcoin predictions are still eyeing the $10,000 price mark. A known figure in the crypto community who predicted the rise and fall of Bitcoin is Richard Heart. In fact, he predicted that Bitcoin price was going to crash from almost $70,000 to reach a low of $10,000. Bitcoin is currently sitting around $16,800. Will Bitcoin crash to 10K? Let’s see in this Bitcoin prediction article.
Why are Cryptos down today?
The FTX scandal has been the talk of the crypto town for the past 3 days. When FTX first announced that it was running into trouble, all cryptocurrencies with no exception started to crash. Even stablecoins depegged for a while during these harsh dumps. FTX is the third-biggest crypto exchange and was regarded as the “savior”. SBF used to bail out other crashing crypto companies. However, it turned out that it was his turn to suffer, and his entire empire crashed down.
This took a heavy toll on the crypto market, which crashed by an average of 20% in the past few days alone.
Why did FTX Crash?
Sam has a reputation for acquiring unsuccessful crypto ventures. He did this to protect the crypto-community. Every time a large and well-known crypto company files for bankruptcy, Sam steps in to save the day and extends his helping hand.
Having a lot of failing businesses on your financial statement is not a good thing. The quantity of illiquid companies that FTX looks to have negatively affects the cash flow of the corporation. Alameda Research was a huge loser.
Information concerning the theft of internal files that FTX provided to Alameda research surfaced. This information was explosive since FTX and Alameda had close relationships. Both were founded by Bankman-Fried, and there has been a great deal of worry about the extent and nature of their brotherly links.
FTX Crash Timeline
Let’s recap all the things that happened till today, the 12th of November 2022 (chronological order):
- Sam (FTX CEO) tweets about his business being in “hard times”
- CZ (Binance CEO) sells FTT tokens heavily on the open markets
- Sam reaches out to CZ in order to reach for an acquisition deal
- Binance signs a LOI (non-binding agreement)
- Binance stops selling FTT tokens
- CZ backs out from the deal of acquiring FTX
- The company starts issuing withdrawals for Bahamian residents
- FTX announces that hackers stole funds from their wallets
If you read everything chronologically, you’d see that the company is in really bad shape. The latest announcement of the hack was definitely shady.
Bitcoin Prediction: Will Bitcoin reach $10,000?
According to Richard Heart, Bitcoin was bound to crash to $10,000 after reaching an all-time high of around $70,000. The reason behind his rationale is purely technical as cryptocurrencies tend to repeat their behavior in a cyclical manner. The last time Bitcoin reached an ATH price of $20,000 back in 2017, it crashed soon after to $3,000.
Now that Bitcoin reached $70,000, Richard believed that the entire market will crash, and Bitcoin specifically to $10,000. His speculation is so far spot on by 95%. In fact, Bitcoin did breach its important support price, and is expected to reach lower lows between $10,000 and $12,000. We remain on the lookout to see how things develop with the FTX story and crypto prices. Follow us on Google news to stay up to date!
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