With the cryptocurrency market trading volume falling, many investors are pessimistic about the future of Bitcoin price. Experts say that the BTC price has been nearing the bottom for generations.
Experts believe that the Bitcoin price could drop to $10,000 in the next few months.
Data from TradingView showed that Bitcoin price weakened as it approached $19,000 over the weekend. Meanwhile, US stocks are almost stagnant, providing little momentum for crypto volatility.
Order book data from Binance shows that Bitcoin is stuck between buying and selling liquidity near the spot price. Additionally, it has ensured that there is no volatility until traders maneuver or add significantly to the bids.
cryptocoin.com As we reported in our analysis, there are certain catalysts behind BTC’s reaching this level. For example, the rise in inflation expectations from central banks around the world. However, it was effective in policy mistakes. In other words, these factors combined created the perfect scenario for an expected BTC bottom at $10,000.
Experts expect these levels in BTC price
Popular analyst Altcoin Sherpa mentioned that Bitcoin will fade for most of 2022. Sherpa told his Twitter followers:
Once the bottom is found it will take months to get around and accumulate. And the bottom may not come even a few months from today.
These analyzes are backed by Rekt Capital, which argues that Bitcoin has yet to make new macro lows or start consolidating.
#BTC may still very well be in the “Downtrend Acceleration” phase of its correction
But this phase will precede the “Multi-Month Consolidation” phase
Which will precede the “New Macro Uptrend” phase$BTC #Crypto #Bitcoin
— Rekt Capital (@rektcapital) July 1, 2022
Checkmate, on-chain analyst at Glassnode research firm, said, meanwhile:
Let yourself go. Get your Bitcoin in cold wallet. Hold tight.
Alex Krueger reviews volume data
Economist, trader and entrepreneur Alex Krueger noted on Twitter that same day that BTC-denominated volume reached ATH levels last month. Krueger’s comments on Twitter were:
As a general rule, trading volume is highest when markets capitulate.
As a general rule, trading volume is the highest when markets capitulate, and such capitulation creates major bottoms.
This weekly chart includes the aggregated bitcoin volume for most BTC pairs (spot & perpetuals across exchanges).
Volume hit its all time high two weeks ago. pic.twitter.com/6ONLibQiL2
— Alex Krüger 🇦🇷 (@krugermacro) July 2, 2022
Why Bitcoin price is facing $10,000
With the overall market cap and BTC price falling, many investors are pessimistic about the future price of Bitcoin. The good news for BTC is that the price has come very close to bottom for generations. On the other hand, the bad news is that this bottom could deepen to $10,000. At the same time, there is a possibility of recovery after only months.
The catalyst for BTC reaching this level is the rate decisions of central banks. In other words, these factors combine to strengthen the probability of $10,000 for Bitcoin. Specifically, some crypto analysts believe the opposite is true, as selling pressure reached unnatural highs following events such as the Luna Foundation Guard abandoning $2.4 billion in BTC reserves, Celsius’ bankruptcy, and Three Arrows Capital’s liquidation.
On the bright side, Bitcoin is currently trading at a point of opportunity for investors. Leading crypto is currently at the point where it provides investors with a generational opportunity to buy (GBO).
