Is 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.
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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.”
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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.
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