NewsletterIs Bitcoin (BTC) Bottom In Or More Bloodshed Ahead?
Bitcoin (BTC) Price Prediction News: As Bitcoin (BTC) price hovers around the $17,000 mark, speculation is around over the potential bottom. Experts have recently suggested that BTC could have fared a lot better than the current range if not for the FTX collapse. The Sam Bankman-Fried crypto empire meltdown meant that the top cryptocurrency fell to a 2022 low of $15,700. Meanwhile, as 2023 approaches, the crypto community is speculating about the possible bottom price range.
Also Read: Elon Musk’s SpaceX & Boring Company Show Up As Alameda’s Top Investments
FTX Contagion To Decide New BTC Bottom?
The recent FTX collapse had potentially cost a few months of price recovery for BTC in the current bear market scenario. However, as more companies face the contagion effect from FTX, uncertainty could prevail in the crypto market. Only after the FTX contagion settles down could the actual Bitcoin price show the underlying momentum from demand and supply dynamics. Recent reports also suggested that BTC could perhaps fall as low as $5,000 in 2023 in wat could be a surprise situation.
As of writing, BTC price stands at $16,965, down 0.82% in the last 24 hours, according to price tracking platform CoinMarketCap. Peter Schiff, chief economist at europac.com, indicated that Bitcoin (BTC) bottom could have already priced in at the $17,000 level. He warned investors against falling in the trap of thinking that it is further to fall. Schiff said in a latest tweet,
“Don’t make the mistake of thinking that Bitcoin is forming a floor at $17K. It’s forming the next ceiling. During this bear market every time Bitcoin takes another leg down, it consolidates its loses prior to its next leg lower. These landings aren’t bottoms. They’re trap doors.”
Also Read: Top 5 Web 3.0 Cryptocurrencies That May Take Over Bitcoin In Future
It remains to be seen if retail crypto investors will look to accumulate BTC as Christmas holiday season approaches. Traditionally, the month of December had predominantly been fruitful for the crypto market.
Top Analyst Says $18-19k Next Target
One among top crypto expert going by twitter handle @crediblecrypto released an analysis saying that $18-19k is an easy target for Bitcoin price, but $21k-22k range still remains as key resistance.
Also Read: Popular Analysts Predict Bitcoin and Ethereum Prices For Christmas
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Tom Lee’s Fundstrat Warns Clients Bitcoin Could Fall to $60,000 Despite His ATH Public Forecast
- 125 Crypto Firms Mount Unified Defense as Banks Push to Block Stablecoin Rewards
- BlackRock Bitcoin ETF Ranks Among Top ETFs In 2025 Despite Crypto Downturn
- Stablecoin Adoption Deepens as Klarna Turns to Coinbase for Institutional Liquidity
- Ripple, Circle Could Gain Fed Access as Board Seeks Feedback on ‘Skinny Master Account’
- Will Solana Price Hit $150 as Mangocueticals Partners With Cube Group on $100M SOL Treasury?
- SUI Price Forecast After Bitwise Filed for SUI ETF With U.S. SEC – Is $3 Next?
- Bitcoin Price Alarming Pattern Points to a Dip to $80k as $2.7b Options Expires Today
- Dogecoin Price Prediction Points to $0.20 Rebound as Coinbase Launches Regulated DOGE Futures
- Pi Coin Price Prediction as Expert Warns Bitcoin May Hit $70k After BoJ Rate Hike
- Cardano Price Outlook: Will the NIGHT Token Demand Surge Trigger a Rebound?
