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Bitcoin (BTC): what to expect next?

Bitcoin (BTC): what to expect next?

Despite the rebound of bitcoin in recent days, many experts believe that the first cryptocurrency has not yet reached the "bottom".

Amber Group CEO Michael Wu believes that bitcoin will fall to $25,000 before large investors start buying up the asset in large volumes again.

According to the founder of New Street Advisors, Delano Saporu, BTC will reach the bottom around $22,000.

"I think that bitcoin will return to the levels of December last year. It will drop to $22,000 or even $17,000. Nevertheless, I think we will go up from there, " he said on CNBC.

According to Saporu, the greatest losses were suffered by short-term traders who invested in cryptocurrency at highs. Only those players who bet on long-term retention of bitcoin (hodlers) remain in the black.

According to IntoTheBlock, over the past year, the total volume of cryptocurrency under the control of hodlers has reached 10.1 million BTC. The number of such wallets has been steadily increasing for 12 months.

Bitokin will fall to $15,000, according to Guggenheim Partners investment director Scott Minerd. In his opinion, the first cryptocurrency will decrease to this level based on the statistics of past corrections, during which the asset lost about 80% of its value.

According to the head of the FTX derivatives crypto exchange, Sam Bankman-Fried, BTC will not be able to fall below $10,000. At this level, many buyers will become more active, who will start buying cryptocurrency en masse and will not let the quotes fall below.

Some experts give bullish forecasts. So, the CEO of the Morpher trading platform, Martin Froiler, predicts the growth of bitcoin to $160,000 by the end of this year.

Thomson Reuters technologist and futurist Joseph Raczynski gave a forecast of $75,000 by the end of the year, and Arcane Crypto cryptanalyst Vetle Lunde pointed to $120,000.

The question of the fall of bitcoin up to $23,300, where it took a pause in growth before last Christmas, becomes relevant. It cannot be excluded that in the case of mass liquidation of margin positions, the price will even close the gap in the area of $18,000.

In general, such a turn of events will be a repeat of the "crypto winter of 2018", opening the possibility for a commensurate collapse of BTC with a "bottom" near $10,000, zeroing out the rally from October 2020.

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