Investors Turn Bearish on Bitcoin While BTC Price Believed to Hit $40K By the End of 2022
Bitcoin price remained within a bearish zone below $20,500 and currently fighting to maintain above $20,000 support. As an outcome of huge long liquidations, the BTC price has slipped below $20K but quickly regained its levels. However, Bitcoin is still expected to hit and swing within the buy zone in the upcoming days, beyond which a remarkable upswing may make huge rounds.
During the end of the last week, the bulls performed exceptionally well and uplifted the BTC, and ETH prices close to their resistance levels. However, the assets remained pretty much volatile and began to shed off gains as the crucial CPI rates are fast approaching. As Coinpedia reported earlier, numerous factors could impact the asset’s price in July, CPI is one among them.
Therefore, will the BTC price hit $10,000 as believed by many investors? Or a quick recovery may be expected to $30,000?
Well, during the previous times in the bear market, a similar fear was outspread where-in the BTC price was expected to hit rock-bottom levels. As assets did not reach these levels then, one of the popular hints, the BTC price may not even reach $15,000 now.
The #bitcoin price drop from 30k to 17k feels a lot like the drop from 6k to 3K in 2018. I remember in 2018 when we hit 3k so many were calling for 1k and it never came. Kind of feels like the those calling for crazy price lows now.Feel like there is a lesson there.— Lark Davis (@TheCryptoLark) July 11, 2022
The analyst refers to the 2018 drop, where the price was halved by dropping nearly 50% and further investors believed the price to drop another 10% to mark the lows. However, the BTC price rebounded firmly before heading towards the lows. Similar price action and movement may be witnessed currently.
Moreover, the BTC price appears to have approached the bottom which may be considered a huge buying zone. The star crypto may further chop within these zones for some time to form a base and jump high to hit $40,000 by the end of 2022.
#Bitcoin – Nothing new to report, the summer of chop continues. The good news is we are forming a base for a move up towards November. — IncomeSharks (@IncomeSharks) July 11, 2022
Overall market sentiments are pretty bearish at present as BTC price is constantly failing to hold $20,000 levels. On the other hand, multiple external factors are constantly impacting the price and suppressing close to lower support. Anyway, Bitcoin, despite being stuck within a deep bearish trap is expected to ease the bearish trend and ignite a strong upswing very soon.Source