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After struggling to surpass $20,000 since September, Bitcoin price holds support at $16.5K following the collapse of FTX crypto exchange. The crypto market seems to slowly decouple from the U.S. stock market as crypto price remains under pressure. Mathematical models and veteran analysts predict Bitcoin’s (BTC) bottom near $14,000. However, popular crypto analyst Michael van de Poppe believes Bitcoin will recover after hitting $10,000.
Is Bitcoin (BTC) Price Falling to $10,000
Veteran trader Peter Brandt predicted that Bitcoin’s price to bottom at $14K. Daniele Bernardi, CTO of Digital Wealth, expects BTC price to bottom at $14,500. Bernardi’s prediction is based on mathematical analysis of computer models based on historical Bitcoin price data.
“Bitcoin is extremely repetitive in the cycle, based on the halving that happens more-or-less every four years, and which cuts rewards for miners. So basically we analyze a lot of the quant data related to this, and discovered a huge pattern in these movements.”
Michael van de Poppe predicts the Bitcoin price is going to $10,000. He noted that people wanted to buy Bitcoin under $20,000, but people are now selling Bitcoin at loss following the collapse of FTX. However, Bitcoin price could soar to $18,400, if it breaks above the $16,800-17,000 range. The support range is $16,250-16,450.
BTC Accumulation for Long-Term
The crypto market is under FUD due to the cascading effect of FTX bankruptcy, where there is a sufficient possibility of a further BTC drop. Some are definitely accumulating Bitcoin for the long-term perspective.
According to on-chain data, the ratio of BTC, which looks purchased between 1 week and 1 month, recently reached 3% of total UXTO. It is the lowest point based on this downtrend, but it has been increasing since the FTX crisis.
In general, traders keep looking for buying opportunities in a bear market, whereas traders maintain stable profits by split selling in a bull market.
The BTC price is currently trading sideways at $16,536, down nearly 1% in the last 24 hours. Recently, Bitcoin fell to $15,599, before recovering again amid whales buying.
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