Everyone is keeping a close eye on Bitcoin, the cryptocurrency that has become a symbol for the industry as a whole, to see in what direction it will go in the near future. According to a report published by Nasdaq, some industry watchers are positive that Bitcoin will soon break the $30,000 barrier, while others are not quite as optimistic and anticipate that it will continue its downward trend from its current position.
In December of last year, the price of Bitcoin was hovering close to $30,000, and crypto investors were hoping that other cryptocurrencies would reach new heights. In just a few short months, Bitcoin was able to achieve an all-time high of over $67,000 in the month of November. Back then, it was highly unlikely that anyone would have predicted that Bitcoin would go through one of its worst days or that the buzz surrounding cryptocurrencies would swiftly fade down.
The most important question right now is, “Where will Bitcoin go from here?” Cryptocurrency companies have been laying off employees and getting ready for a long winter that will cause their money to freeze. It is currently trading at around $22,000, which is around a third of its value from its all-time high in November. However, as a result of concerns regarding excessive inflation, increases in interest rates, and an impending recession, one can speculate that even long-term investors will abandon Bitcoin in favor of more secure investments.
Here’s what that means, and what it doesn’t.
I thought there was a decent chance we’d get one more wick / fill lower with a quick reclaim.
We saw the quick reclaim, but didn’t see much lower than 19. https://t.co/nFXuKwuY3T
— K A L E O (@CryptoKaleo) July 15, 2022
Will Bitcoin reach a price of 10,000?
According to a survey that was carried out by MLIV at the beginning of this month, as many as sixty percent of respondents anticipated that Bitcoin was going to see another decline and that its value could drop to $10,000 in the near future. Bloomberg highlighted these findings. The study polled 950 investors on Wall Street and found that while institutional investors showed some faith in digital assets, retail investors were very apprehensive about cryptocurrencies in general. The study also found that institutional investors showed more faith in digital assets than retail investors did.
According to Coin Telegraph, a study that was conducted in China with the participation of 2,200 people and found that as many as 40 percent of respondents were ready to buy Bitcoin when its value hit $10,000 but that only 8 percent were willing to purchase it when it was priced at $18,000 found similar results. The article also stated, with reference to a technical study, that Bitcoin had begun to show a pattern known as a “bear flag,” and that the currency was likely to go below the $13,000 mark by the month of September.
Some see promising signals
Although it appears that the near future holds nothing but gloom and despair, according to the majority of studies. According to DailyHodl’s research, some individuals, such as the pseudonymous cryptoexpert KALEO, have a hopeful perspective. According to his findings, Bitcoin appears to have reached the bottom of its recent decline and is on its way into a healthier time. He tweeted that all he expects is a little relief from the gloomy market we have seen Bitcoin in over the past several months. The specialist in cryptocurrencies does not believe that Bitcoin will return to its peak level reached in November any time soon. The tactic that Kaleo appears to be employing currently is one of patience and continued stacking; the company expects to see results in the years 2024 and 2025.