The year 2022 was not a good one for cryptocurrencies. Most cryptos fell by an average of more than 75%, reaching their respective bottoms. In mid-June 2022, we saw a slight recovery that gave hope to crypto investors. However, we are currently witnessing yet another downtrend which is worrisome. Bitcoin was supposed to thrive towards Q3 2022, but apparently, it is on its way to creating a new yearly new. Will Bitcoin crash to 10000 $? Let’s assess from a technical perspective in this Bitcoin price prediction article.
Why is Bitcoin Crashing?
The market as a whole is currently down. There are many factors that contributed to the fall of Bitcoin and cryptocurrencies. When Bitcoin is down, the crypto market in general is also down. This is because Bitcoin still has a significant 40% dominance over the crypto market. What does this mean?
This means that Bitcoin makes up 40% of the total cryptocurrency market capitalization. Also, it has been consistent that Bitcoin’s performance is tied to the average performance of all cryptocurrencies combined. On coinmarketcap, we can see the performance of all cryptos in the past 24 hours, and compare it to Bitcoin’s. More than 90% of the times, the performances match.
Bitcoin Price Prediction – Will Bitcoin reach 10000 $ again?
Bitcoin price is currently very risky, currently sitting around the psychological price of $20,000. The first lower breach would send prices towards the next support of $18,500. We expect a slight rebound from that price. However, any further lower breach of that second support would send prices lower towards the further supports. Here are the next targets in case Bitcoin continued to crash.
The Crypto Market at a Glance
In the past 24 hours, most cryptocurrencies lost on average around 4%. The top gainers were Huobi Token and Trust Wallet Token, gaining respectively 12.32% and 3.22%. On the other hand, the top losers were Synthetix, EOS and Cosmos, losing respectively 15%, 12%, and 11%.
1- Bitcoin (BTC): – 4.41 %
2- Ethereum (ETH): – 8.13 %
3- Tether (USDT): 0 %
4- USD Coin (USDC): 0 %
5- Binance Coin (BNB): – 4.40 %
6- Binance USD (BUSD): 0 %
7- Ripple (XRP): – 4.94 %
8- Cardano (ADA): – 5.24 %
9- Solana (SOL): – 7.09 %
10- Dogecoin (DOGE): – 6.20 %