Recent Bitcoin price forecast reports claim that the cryptocurrency is failing to live up to investor expectations
Bitcoin has fallen more than 60% this year and is now hovering between $18,000 and $19,000. Being the most popular cryptocurrency is not easy, in fact since Bitcoin started to retreat from its value, all other cryptocurrencies have fallen. This decline drove investors out of the market. Last year, Bitcoin reached the $69,000 level, making the crypto market reach its peak. But as the market fell, robust resistance in digital assets pulled down and the market was extremely volatile. Recent Bitcoin price prediction reports claim that the cryptocurrency is estimated to continue falling lower. While all other assets are falling significantly, the focus is primarily on the price of Bitcoin. There are experts who believe that Bitcoin will definitely reach $30,000 by the end of 2022, while some believe that BTC will drop to $10,000. Meanwhile, there is another section of crypto fanatics and analysts who believe that Bitcoin will first fall to $10,000 and then go higher. Believing any particular Bitcoin price prediction report can be unreliable from an investment perspective, but it is of utmost importance for cryptocurrency users to analyze the price movements of all cryptocurrencies and invest in them based on their ability to tolerate losses.
New CPI news sent Bitcoin closer to crypto sleep
Given today's macroeconomic environment, investors are proceeding relatively cautiously. The price of Bitcoin fell immediately after the new CPI news came out. US consumer prices slowed in September from the previous month, but the rate of inflation continued to gain strength. Bitcoin has fallen nearly 3% since the news hit its lowest level since September. The BTC price touched the $18,000 mark, triggering an immediate plunge in other cryptocurrencies. This new decline has led several investors and analysts to believe that the cryptocurrency will definitely touch the $10,000 mark by the end of 2022.
Bitcoin price forecast reports from Cointelegraph and TradingView also confirmed that BTC/USD was in danger of another dip lower, as core inflation trends unsettled the digital asset market by showing a reversal of previously declining inflation numbers. In fact, CPI was expected to fall to around 8% from 8.3% previously. Since the value of Bitcoin and the CPI data are somehow linked through investor sentiment, the price of Bitcoin fell when conditions were different, dramatically increasing fears of a market selloff.
Will Bitcoin shoot up to $30,000 or fall to $10,000?
FXStreet's Bitcoin Price Prediction Analysis argues that a rise in the price of Bitcoin near $30,000 is completely unexpected at this point, and even if its value rises, the impact on the broader crypto market will remain insignificant. But the value of the cryptocurrency can certainly fall below $15,000 before trying to break the $30,000 mark again. This resilience is absolutely crucial for a flagship cryptocurrency. If BTC fails to reach this mark, the digital asset market will once again witness a major sell-off, making for a bad start to 2023.
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