Mayhem in the crypto market led by incessant selling, massive liquidations, and sinking portfolios is causing worldwide panic. Investors and HODLers alike are rushing to safe havens as market forces determine the bottom. Will Bitcoin survive? And more importantly, will Bitcoin pave the way for the future of the crypto world?
The $21,000 level is rapidly shifting from support to resistance. Sellers are using every bounce to place large sell orders to restrict any bullish movement. A definite bullish recovery will happen once BTC/USD crosses the $25,000 mark with a solid volume and technical indicators.
Long-term HODLers are re-evaluating their positions and many are even liquidating certain portions of their holdings to move into safe havens. Fundamentally strong crypto coins are performing relatively better compared to pure speculative ones.
The live Bitcoin price today (3 July 2022) is $19,260.85. The current CoinMarketCap ranking is #1, with a live market cap of $365,156,505,830 USD. It has a circulating supply of 19,082,918.00 BTC coins and a maximum supply of 21,000,000 BTC coins.
According to expectations, BTC prices could rise and hit as much as millions. This rise could happen eventually as the price change of one BTC increased by more than 70 percent leading to its all-time high. The all-time high price of $64,800 was reached on 14 April 2021 Market analysts predict that Bitcoin could hit USD $100,000 by the end of 2023, and others say it can climb to the mark in the first quarter of 2022. Others write that Bitcoin won't reach more than USD $70,000 by the end of 2022.
According to analysts, the cryptocurrency industry saw a massive surge in investment and crypto for payments and trading this year. Central banks from all over the world have been trying to push regulations for Bitcoin investment. The Bitcoin network has become quite popular with teens, youth, and adults, including women, as they indulge in Bitcoin trading.
This year has been crucial for Bitcoin and cryptocurrencies in general, wherein countries like El Salvador, China, and South Korea have played significant roles. Recently, we saw that the news of the China ban led to a massive drop in the price of Crypto King, from 53K USD to $42K, which scared almost everyone, except those who want in.
In these complicated times, the Blockchain technology is still performing great. More industries and verticals are realising the technical prowess of the Blockchain and jumping on the bandwagon. As Blockchain becomes mainstream, the supporting eco-system such as Bitcoin and Ethereum will remain dominant.
It is impossible to compare two different crashes but most of the downturns are pretty similar. Just like the 2000 Dot Com crash, the weak players will be wiped out and the fundamentally dominant players will come out strong.
Bitcoin has seen similar or worse periods in the recent past. As the market players determine floor near the $20,000 to $18,000 region, the HODLers, institutions, and investors are likely to sit on the fence. Metrics like cash reserve ratio, mining hash rate, global regulations, DeFi recovery, market capitalisation, etc will determine the survival of Bitcoin.
It is too quick to predict Bitcoin demise taking into account the past six bear cycles. There’s a whole world out there waiting for Blockchain and crypto adoption. The current bear cycle will likely take more than six months to recover or stabilise only to recover strongly.
Let’s not jump the gun here. This crypto winter will last long due to weak macros on the economic front. However, this is a great opportunity for investors and HODLers looking to average-out their price on the long-term horizon. So don’t put all of your eggs in one coin basket.
Please take these price predictions as suggestions of some market expert/analysts. Prediction with tools may not turn out perfect due to the unpredictability of certain factors such as public sentiment and market conditions.