Bitcoin was trading at $35,000 in January this year but plummeted to $18,000 during mid-June. The crash sent shockwaves across the crypto sphere at a time when the TerraUST and Luna collapse was still a fresh memory. Google searches for ‘will Bitcoin go to $0’ saw a spike during this period as investors feared for the worst.
Read here to know what are the chances for Bitcoin to head toward $0. However, Bitcoin is in recovery mode now as it rallied in the last two weeks and touched $24,500. BTC is looking to breach the $25,000 mark and another rally could push it across the finish line. While investors are wary that a crash might occur anytime soon, pinning the ‘Bitcoin bottom’ is now a challenge.
Bitcoin Price Prediction
Financial expert John Squire, the partner at Ojamu, an AI & Blockchain-powered platform, spoke exclusively to Watcher Guru about Bitcoin’s price moves. Squire warned that the markets could face a bloodbath in the coming months as the economy is on the verge of a major macroeconomic crisis. The rising inflation, along with a looming recession, is a cocktail brewing for an upcoming disaster, he predicted.
Squire predicted that Bitcoin will first cross the $25,000 mark and would slowly hit $28,000. The analyst claims that the ongoing spike is nothing but a bull trap and the markets will see a reversal.
The financial expert predicted that Bitcoin will crash to $10,000 and things will only get worse from thereon. Squire claimed that after BTC goes to $10,000, fear would grip the markets and institutional investors would jump ship.
As per Squire, Bitcoin will bottom out at $3,000 as the economic crisis will worsen in the coming months.
“This week Bitcoin will be able to break the $25K barrier and then set a target of $27.5K and $28K. But this is only a small bullish direction within the big downtrend given that we are on the verge of a major macroeconomic crisis,” he said.
Squire added, “Once Bitcoin drops to $10K, the market will be so scared that we will hit the bottom at $3K.”
The analyst stated that taking an entry position when Bitcoin bottoms out at $3,000 is an ideal investment. However, he warned that BTC will not breach its all-time high of $69,000 anytime soon and predicted that it could only reach $30,000.
At press time, Bitcoin was trading at $23,414 and is up 2.7% in the 24 hours day trade.