It seems that the bearish sentiment in 2022 is still looming over the cryptocurrency market. Most cryptos are fell by an average of 75% to date, with little signs of an actual comeback. A few weeks ago, cryptos managed to establish an uptrend that hinted at a potential retracement higher. However, in the past week, cryptos crashed again to erase most gains. Bitcoin, the biggest crypto by market cap, reached back its previous price of $20,000 after breaking it lower in the past 24 hours. Will Bitcoin drop to 10000 $? Stick around as we’ll unveil the important area that confirms this trajectory.
Bitcoin loses 20% in the past 2 weeks – What Happened?
After reaching rock bottom, Bitcoin started to retrace higher from the $20,000 price mark. In fact, most cryptos also managed to follow Bitcoin’s uptrend. Ethereum, the second-largest cryptocurrency by market cap also managed to increase by 100% thanks to the Merge announcement. The increase in crypto prices was not sustainable. Bitcoin reached the high price of $25,000, only to drop back to the current price of around $20,000.
This price drop was predictable as Bitcoin broke its uptrend. In figure 1 below, we can clearly see the break in the uptrend, leading to a Bitcoin price drop back to the support of 20K.
Is Bitcoin BEARISH still?
If we look at figure 2 below, we can see the general downtrend of Bitcoin since the beginning of the year 2022. We can notice whenever BTC reaches a significant price area, it tries to retrace higher. However, this retracement fails, and prices go back to their downtrend. This price action repeated so far 3 times in 2022, where Bitcoin prices attempt to end their downtrend. This is usually coupled with good fundamental news in the crypto market, that lifts the market sentiment higher, but briefly.
Today, Bitcoin is doing that exact same behavior. That’s why many analysts predict another upcoming Bitcoin crash. This can be confirmed as recently, and for the second time, Bitcoin prices breached the $20,000 price mark lower. In the past 24 hours, Bitcoin dropped to $ 19,500. In Q4 2022, prices are expected to drop further. That’s why most people are quoting GoT’s “Winter is Coming”.
Bitcoin Price Prediction – Will Bitcoin drop to 10000 $?
Now that we are prepared for a crypto winter, we need to estimate “when” will Bitcoin price drop. In a previous article, we discussed the potential targets of Bitcoin which are $15,000, $12,000, and $10,000. Those targets should be reached as soon as Bitcoin breaks its strong support price of $18,500.
From there, we expect a surge in the selling pressure, leading to price drops across the crypto market. If you were considering buying cryptos at that time, we advise you to wait for better times.
- Shiba Inu Price Prediction: How High can SHIB Price reach by 2030?
- Crypto Bloodbath! Which Crypto is the RISKIEST?
- Chiliz Price Prediction – Can Chiliz reach 10 $ in 2023?
- Shiba Inu Price Prediction: Can SHIB Price reach $3 in 2023?
- Will Bitcoin Price reach $10,000? Very Possible, Here’s why!
- Bitcoin Price is Back in Consolidation! How long before Bitcoin is Back up?
- Will Bitcoin crash to $10,000? The Crypto Market is not Okay…
- FACT: Will Shiba Inu Coin reach $1 during the next Bullrun?
- BEWARE! Those Cryptos are approaching a Critical Area!
- Cryptos are Consolidating…Will Cryptos Crash? – BTC/ETH/XRP Analysis
- Conservative Cardano Prediction for 2023 – How high can Cardano go?
- Don’t Buy Ethereum unless THIS Happens – Merge Hype Dying?
- Why are Cryptos Stagnating? Here are 3 reasons why Cryptos are Down
- Can Shiba Inu Price Reach 10 Cents?
- Bitcoin broke a MASSIVE Resistance – Will Bitcoin reach $30,000 soon?
- Bitcoin Price broke MAJOR resistance! Will Bitcoin crash to 10,000 $?
- Crypto CRASH! Those are the Biggest Losers…For Now
- XRP Price can TRIPLE in the next few weeks if THIS Happens, Here’s Why
- MATIC Price Crash – Why did MATIC prices Collapse?
- Bitcoin UP 10%! THIS is where BTC is going to Reach Next
- Shiba Inu Price Prediction: SHIB is Set To Explode?
You might also like
More from Bitcoin News
Let's take a look at the top ten cryptocurrencies by market capitalization and predict them for 2023. What will happen to these …
The crypto space is more operative than ever, with many great opportunities. What are the top cryptocurrency jobs in 2023?