It seems like the crypto crash is still going strong. After a slight rebound upwards, most cryptos tanked again, losing more than 3% in the past 24 hours alone. Bitcoin should’ve kept its $20,000 price mark intact. However, BTC just breached this area for the second time, raising the alarm for crypto investors. Now that Bitcoin reached a price of $19,300, will Bitcoin price reach $10,000? Is the crypto crash still happening? Let’s analyze.
Bitcoin Cycle Repeating
Most traders and investors already know the importance of the $20,000 price mark for Bitcoin. On top of being a psychological price, this area was highly followed by crypto traders and investors back in 2017 and was a set target. However, this price first acted as a strong resistance, as BTC crashed from $19,700 down to $3,200 back in 2018. This made BTC prices lose as much as 84%!
Bitcoin Prices were severely Inflated
When BTC prices reached this low price, they went back into a bull market. After reaching the important price of $10,000, prices skyrocketed to $64,000 without any sign of a retracement back in 2020. In figure 2 below, we can clearly see how Bitcoin prices closed green every week except for a very few ones…quite unhealthy price action! The following year 2021 was a sideways trend, where prices tried to pick up but failed due to mixed feelings in the market. Many fundamental dynamics affected cryptos and Bitcoin specifically.
Bitcoin Price Prediction – Will Bitcoin Price reach 10000 USD?
Now that Bitcoin prices breached the $20,000 price mark for the second time, the probability that Bitcoin crashes lower becomes higher. Professional traders are currently shorting Bitcoin and placing SL areas slightly above the 20k price mark. If we look at figure 3 below, we can see the next important areas and targets that Bitcoin can reach as follows:
- First target: USD 15,000
- Second target: USD 12,000
- Third target: USD 10,000