Bitcoin [BTC] has been stumbling lately. With the bears taking on the crypto industry, the crypto asset dipped to a low of $20K. While this sentiment seems to be persisting longer than expected, several have been rolling out predictions about the market. While some say the bears have moved in for the next two years, a few others say that BTC will drop below $20K. With increased adoption this year, the community hoped that a new all-time high was in the cards for Bitcoin. The President of El Salvador has undoubtedly been extremely bullish towards BTC and even predicted that the asset had the potential to surge to $100K this year. But, will the bears allow it?
El Salvador’s big decision to adopt Bitcoin as a legal tender sent shock waves to government agencies across the globe. However, it was a big win for the crypto-verse. With an array of BTC-centric developments planned for 2022, Bukele started the year with a significant prediction for the world’s largest cryptocurrency.
This prediction seemed legit and achievable considering Bitcoin had just attained an all-time high of $68,789.63. The bears, however, had other plans. While the BTC was stuck at $30K for a while, the community hoped to see some surge over the weeks. Instead, panic selling by the newbies in the market brought the king coin down to $20K.
Crypto exchanges witnessed massive flows of Bitcoin over the week. The total inflows and outflows over the week surged by 371 percent. This has reportedly been the highest since November 2017.
In addition to this, Bitcoin was extensively oversold over the week. So much so that it mirrored the level of the 2018 bear market.
Is Bitcoin still on for $100K?
Highly unlikely, the community speculates. While institutional investors and OG crypto enthusiasts hold on to their Bitcoin, several in the community have started panic selling.
At press time, BTC was trading for $21,219 and currently is 69 percent below its all-time high.