Bitcoin prices managed to break the important support of $18,000. The entire crypto market is crumbling following FTX’s insolvency announcement. Now that Bitcoin broke this support, will Bitcoin crash to $10,000? Let’s analyze Bitcoin from a technical standpoint in this Bitcoin price prediction article.
Bitcoin Price: BTC Crashed below Key support
Bitcoin prices started to recover after a brief consolidation around the $19,000 price mark. BTC established a solid uptrend, paving its way higher than $20,000. However, following the FTT crash, the entire crypto market started to dump. Consequently, Bitcoin broke its uptrend at around $20,600 and reached $17,200 losing around 16.5% in 24 hours.
Currently, Bitcoin prices recovered slightly to the current price of $17,890 but still below 18k.
Bitcoin Price Prediction: Will Bitcoin Crash to 10000 $?
There are currently two factors affecting Bitcoin prices:
- A fundamental factor relating to FTX’s crash and Binance’s potential acquisition
- A technical factor, where an important support price was broken
Given both of the above, we can expect that the current trend will continue bearish. The best-case scenario would be a consolidation around the $18,000 price mark till the end of 2022.
if the current market continues to throw negative events and bad fundamentals for the overall crypto market, we expect that Bitcoin prices continue lower to reach the price area between $10,000 and $12,000.
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