Bitcoin went above $30,000 yesterday and yet again, the leading crypto slumped in the indices falling to $29,000 today. BTC has mostly been trading with ‘one step forward and two steps back’ and is unable to go beyond $32,000. A financial analyst has predicted that Bitcoin will shed another 50% from its current price and hit $14,000 in 2022.
Venturefounder, a contributor at on-chain analytics platform CryptoQuant predicted in a Twitter thread that Bitcoin could bottom out anywhere between $21,000 to $14,000.
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However, the analyst claimed that this is the best time to accumulate BTC as the leading crypto could capitulate after bottoming out. He called the upcoming dips the best buying opportunity that could eventually lead to better fortunes. The financial analyst predicted that after bottoming out, Bitcoin could head straight to $40,000.
“In the next 670 days, BTC will capitulate in the next 6 months and hit cycle bottom ($14-21k),” he predicted. The analyst continued, “Then chop around in $28-40k in most of 2023 and be at $40k again by next halving.”
“In other words, buying #Bitcoin from this point to the next 6-12 months is as good as it gets. Probably the best 3-year % ROI ever. We may not be at THE cycle bottom, but we are within the range of #BTC cycle bottoms. This is the best you can do when timing the market cycles,” he tweeted.
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Bitcoin Dangerous Price Predictions
Several financial analysts have rung warning bells that Bitcoin could crash much further than imagined in 2022. Hex founder Richard Heart predicted that BTC will touch $11,000 this year and another analyst claimed that Bitcoin will reach $8,000. Predictions for BTC going down have now outnumbered the predictions from analysts about Bitcoin shooting up in price.
It is advised to wait and watch for further market dips before going all-in on BTC. Just recently, the on-chain metrics website Santiment revealed that even Ethereum whales are showing no interest to accumulate ETH despite it falling below $2,000. Therefore, it sends out a signal that even the whales are sure that the market will head south further.
At press time, Bitcoin was trading at $29,856 and is down 5.26% in the 24-hours day trade. It is also down 56.9% from its all-time high of $69,044 which it reached in November last year.