The Bitcoin price experienced a severe slump as a result of the FTX bankruptcy and at times fell below the $15,000 mark. After these massive losses, the price has seen a significant stabilization in the last few days. Can Bitcoin price reach $20,000 before the end of the year? Let’s analyze in this Bitcoin Forecast.
How did Bitcoin Price move recently?
The Bitcoin price has seen significant stabilization between $16,500 and $17,000 over the past few days. More than a week ago we witnessed the crypto crash that brought the Bitcoin price from $20,000 below the $16,000 mark. During this time, the Bitcoin price lost more than 25 percent of its value.
In the last few days, however, there has been a clear stabilization. The price has almost always stayed above $16,000. We only briefly saw a drop below $16,000, but that quickly dissipated. At the $16,000 mark, the Bitcoin price seems to have established strong support.
How will Bitcoin Price Perform in the next few weeks?
After the shock of the FTX bankruptcy, the Bitcoin price has recovered relatively well in the last few days. The bankruptcy of FTX has triggered one of the biggest crises in the crypto market in recent years. On the other hand, the losses of bitcoin were still limited. Many altcoins saw even more considerable losses.
In the next few weeks, we could see the Bitcoin price rising again if the market is able to stabilize again. At the moment it looks like stabilization will take place over the next few days.
Basically, the climate around Bitcoin before the crisis was good. With US inflation slowing, interest rate hikes in the US are becoming very unlikely. Furthermore, we have already seen reduced interest in government bonds in recent weeks, indicating greater interest in riskier investments. All of these external developments are positive for bitcoin.
Bitcoin Forecast: Will Bitcoin Price go up before 2023?
The months of November and December are typically more bearish months historically. Therefore, large price jumps hardly seem to be expected in the next few weeks. Nevertheless, we could see a recovery in the Bitcoin price in the next few weeks.
A renewed increase to the value of $20,000 dollars is not excluded for the Bitcoin course in the next few weeks. With support established at $16,000 and the price stabilizing, bitcoin now has an opportunity to grow naturally again over the next few weeks.
The current prices seem extremely cheap and should encourage many investors to buy. So $ 20,000 for the Bitcoin price by the end of 2022 is quite possible.
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