Last updated on August 26th, 2022 at 03:25 pm
Currently, bitcoin is being traded in the cryptocurrency market for $47,000. However, this was not the same situation back in time. Last year, bitcoin was as low as $10,000, and it was the price when you could have invested money into it.
However, if you have missed the opportunity, you can still expect bitcoin to reach as low as $10,000. Certain situations and criteria can occur and lead bitcoin to go very low. If you think that you can invest $10,000 in bitcoin, you may wait for the situation that we will tell you about today to Akshay so that you can get the right opportunity.
Last year in July, bitcoin prices were lower than $10,000 because of the COVID-19 crisis. The whole world economy was down, and therefore, every kind of market was facing problems.
After the fall of bitcoin below $10,000 last week, it has enjoyed a rampant boom in its prices. One primary reason behind the round ball of bitcoin was the COVID-19 crisis. However, it was the same reason that it gained widespread popularity.
People were free at their houses, and they had nothing to do. However, they discovered new opportunities to profit, and bitcoin came as the perfect one. Bitcoin is a volatile cryptocurrency that experience prices fluctuations, which makes it the best option to trade and make money.
However, others are available in the market, but these two are the best to make huge profits. After reaching the lowest prices of all time, bitcoin started to recover. It reached as high as $69,000 this year, the all-time highest price for this incredible cryptocurrency, join today.
How can bitcoin crash?
A money manager named Louis Navellier recently made predictions about the cryptocurrency space. He says that his production will drive away through the spine of bitcoin enthusiasts and the whole cryptocurrency community.
According to him, bitcoin can go as low as the $10,000 mark once it enters the bearish phase. It is because the same thing has happened in the past, and it can happen in the present as well. One of the most important reasons that bitcoin is experiencing a downfall in its prices is the availability of a new Covid variant.
The global economy can shut down because of this new variant, and therefore, the bitcoin can go lower to it. Other than him, other bitcoin enthusiasts believe that prices will fall further because of the new problem.
He says that bitcoin can go 80% lower than its current prices because the flagship crypto asset is formed at a double scary pattern. Yes, it is entirely correct.
The current price prices can hit as low as the $28,000 price mark, and it is going to indicate towards the end of the bull phase for bitcoin. Therefore, the same thing that happened last year will occur again.
Pattern surfaces of the cryptocurrencies will lead bitcoin towards taking a journey in the last year. The price will remain lower than ever before and therefore. You can expect lower prices of $10,000 also.
Once, $28,000 mark is reached, it will go lower than that and reach below $10,000 again. That could again be a price mark where you can purchase bitcoins but, the possibility of increasing again is lower. Therefore, thinking about the right time is appropriate if you look forward to investing money in bitcoin.
The same thing happened in 2018 when bitcoin decreased by 80% in its value. Some cryptocurrency kings believe that such predictions from any money managers are ridiculous, but the phenomena it follows are very actual.
There is a high possibility of bitcoin reaching its lowest price in the coming year because that the same thing happened in 2018 when it experienced a correction of about 84%.
The prices of bitcoins were standing at $20,000 in December, but later on, they decreased as low as $10,000. The founder and chairman said that he has also predicted other things regarding cryptocurrency trading platforms like CNBC, Bloomberg and many more. Therefore, his predictions regarding cryptocurrency space can also have truth in them.
Being the most volatile cryptocurrency globally, Bitcoin is experiencing a downfall in its prices. Some of the most prominent reasons because of which it is happening is nothing else but the Covid variant coming up.
However, some of the players in the market, like El Salvador’s President, is keeping the cryptocurrency market higher. He is purchasing the dip and making the chances of increasing the prices of bitcoin possible.
- By Austin Distel on Unsplash