These Factors May Drag the Bitcoin (BTC) Price to as low as $8000! But There’s a Catch!
The world’s largest crypto, Bitcoin, has yet again been surrounded by massive selling pressure as the price marked new lows below $15,500. The FTX collapse has impacted the entire crypto space as the crypto lenders have been facing difficulties in meeting demand post-fallout from FTX. While BlockFi has filed for bankruptcy, another crypto pioneer, Genesis, has hinted that it will follow if it fails to raise liquidity.
The BTC price currently has surged beyond $16,000 marking a minor upswing but the above factors point toward the revival of the bearish trend. However, Bitcoin dominance which has slashed down to 38.43% is expected to rise beyond 50% in the coming days. As per a popular analyst, the altcoins are expected to suffer as BTC gains strength.
$BTC.D: This is the #Bitcoin dominance chart. This is btc's share relative to the crypto market (take btc marketcap/crypto market cap). Looks like btc.d might go up to the 50s for the next big move. Prob bad for alts/maybe good for $BTC — Altcoin Sherpa (@AltcoinSherpa) November 22, 2022
The analyst believes that Bitcoin may soon become a better-performing investment than the other altcoins. The altcoins against USD or USDT may perform moderately but may not present the same rally against BTC.
The BTC price is surging at the moment as a result of significant short liquidations. Despite this, the asset remains under bearish captivity in the long term. In the monthly chart, the price is expected to slash down to levels around $12,000, by the end of 2022.
Interestingly, Bitcoin’s price has been turning the previous week’s support levels into new resistance, for the past couple of weeks. Therefore, the asset may remain in bearish captivity for some more time before bouncing from the lower support.
It is now believed that the majority of the bear market has already been accomplished. Hence, an entirely new bull market may be fast approaching that may trigger the rally towards new highs.Source