The level of $11,000 or $9,000 is the expected bottom for Bitcoin…the details are here
The content site is one of the sites that provide the service of answering general questions and solving puzzles and crossword puzzles
Where the content site is primarily interested in answering your questions in all areas, including solving puzzles and crossword puzzles
Answer The level of $11,000 or $9,000 is the expected bottom for Bitcoin…the details are here
The past year or so has not generally been kind to the cryptocurrency market, especially after several macroeconomic hardships and crises.
Although the asset has lost nearly 80% of its value since its all-time high last November, some estimates show it could fall further, perhaps into the four-digit territory.
This was about a year ago when the industry was booming, led by the massive gains charted by the largest cryptocurrency.
Possibly fueled by a futures ETF that was launched in the US, it pumped and the bitcoin price reached $69,000, hitting a new all-time high.
But then the movement began to change in the following months.
Read:Smart Contracts Coming Soon to the Bitcoin Blockchain Thanks to the ICP Project…Details Here
Central banks have adjusted their monetary policies from printing excessive amounts of their currencies to raising interest rates, in an effort to fight the accelerating inflation they have created.
This, along with the war in Ukraine and a few other macroeconomic factors, has pushed riskier assets lower, and Bitcoin was no exception.
But the scene turned sour after several industry-wide meltdowns, triggered by the fallout from Project Terra.
What followed was many related companies halting withdrawals, seeking emergency financing, or even filing for bankruptcy.
One cryptocurrency (FTX) company has emerged as the potential savior of the industry.
As the company appeared everywhere offering direct sales or acquisitions.
But it turns out that the rescuer himself (FTX) needs to save and provide liquidity.
Suddenly, FTX collapsed, which led to Bitcoin falling again.
The worst, by far, came last week, when bitcoin fell to a two-year low below $16,000.
This meant a decline of almost 80% since the highest level recorded in November 2021.
Noted crypto analyst DonAlt warned that Bitcoin has not bottomed out yet.
Read:Failed Sale Attempt… Suspects Arrested in Coincheck Hacking Case
Comparing the current bear cycle to the previous two, the strategist said that bitcoin could drop to $9,500 if it mimicked the 2014-2015 bear market or reach $11,000 if events played out like 2017-2018.
Read also:
Dogecoin Founder: If Binance or Tether Collapses, the Crypto Market Will End!
In this way, scammers try to prey on users and victims of the FTX platform
And you can ask questions on the content site through the word “Ask a question” at the top of the site, where we answer your questions in a short time