The crypto market continued its bearish trend right after the merge ended. Bitcoin prices suffered heavy losses as they breached the psychological price of $20,000. They even breached the support price of $18,500 for a brief while before retracing higher towards the current price $19,000. Now that the support was breached, can we conclude that Bitcoin price reach 10000 $ soon? Let’s analyze in this Bitcoin price prediction article and assess whether the psychological price of $10,000 will be reached or not.
How did Bitcoin Perform in 2022?
The year 2022 was a bad one for the entire cryptocurrency market. Bitcoin specifically lost more than 55% to date. Its prices dropped from the high price of $47,000 to the current price of around $19,000. Some hope was portrayed in the crypto scene right before the merge, as crypto prices started to rise in anticipation of a general increase in the crypto market. However, as prices did not move significantly as anticipated, many traders started to sell their newly opened positions. This led to a heavy liquidation in crypto positions, thus why Bitcoin took a heavy toll.
Will Bitcoin Price Reach $10,000?
It is clear that Bitcoin has a strong support of around $18,500. The current price is hovering around this price area, although it managed to breach it on multiple occasions previously. Bitcoin prices can easily fall towards the psychological price of $10,000, if BTC breached $18,000 as a first step. This would lead to a total collapse in crypto prices, especially since Bitcoin’s dominance currently stands around 40%.
Traders and investors should watch the below prices if they are breached lower, and follow the price action of Bitcoin closely. Once any breach of the below happens, it should trigger the next price:
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Will Bitcoin price recover? In this Bitcoin price prediction article, we're going to analyze BTC prices from a technical standpoint.