Crypto Crash is not over, BTC to 10K?

Crypto Crash is not over, BTC to 10K?

The year 2022 was a tough year in the cryptocurrency market. Bitcoin prices fell from a high of around $69,000 to today’s price of $16,500. The entire crypto market also lost an average of around 70% following Bitcoin prices. Regardless of whether this crash was delayed due to bubble prices, the big question remains about what lies ahead. Will 2023 be a positive year? What will happen to the Bitcoin price in 2023? Let’s analyze in this Bitcoin prediction.

Crypto 2022: Bad Year to Buy Bitcoin?

Short answer: yes. Who wants to buy an asset that is falling in price? Well, hypers in 2022 were always talking about how crypto prices are going to go up again soon. However, the timelines always remained a mystery. This allowed crypto newbies to enter buy trades throughout 2022, hoping that prices would correct higher.

What actually happened is that the prices continued to fall and reached the current state. The crypto market overall fell from a market cap of nearly $3 trillion to today’s $843 billion.

Figure 1 USD Crypto Cap Crashed 70% in 2022 – coinmarketcap

Has Bitcoin Bottomed?

If we look at the technical chart of Bitcoin, we can notice that the prices are still on a continued downward trend. Bottoms are usually identified by an extended consolidation around a strong support price area. But for Bitcoin’s case, we still didn’t see a strong consolidation.

In fact, Bitcoin prices consolidated around the $19,000 price mark for a good 4 months. On the other hand, prices crashed once again and reached today’s price of $16,500. This is why the price of $19,000 cannot be considered a rock bottom. Bitcoin can still slide lower and reach lower price ranges.

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BTC/USD 1-day chart showing the break in support for BTC
Fig.2 BTC/USD 1-day chart showing BTC support break – GoCharting
switch comparison

Bitcoin Prediction 2022: Will Bitcoin Reach $10,000?

Since Bitcoin has not bottomed out yet, it can still fall further. Looking at Figure 3 below, we can see how Bitcoin’s downtrend has played out so far this year. After each crash, there was a slight recovery.

Bitcoin should go slightly higher and reach around $20,000. However, another crash could occur, this time taking the BTC price to a range between $12,000 and $10,000.

BTC/USD 1-day chart showing the decline of Bitcoin
Fig.3 BTC/USD 1-Day Chart Showing the Downtrend of Bitcoin – GoCharting

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