Bitcoin is Heading to US$30k, this Crypto Analyst Strongly Believes

Even with the crash, many crypto investors are keeping their hopes high when it comes to Bitcoin’s price surge

The Crypto crash made Bitcoin fall by 70% in May-June 2022 since November 2021 after getting hit by several extreme market conditions. There is a mixture of macro headwinds as well as micro storms that led to the Bitcoin crash and incur millions of dollars worth of loss in the crypto market. The main reasons for the cryptocurrency crash are the strict policies of the US Federal Reserve, high rate of inflation, looming recession, pandemic, back-to-back bankruptcy, Russian-Ukraine war, stablecoin crashes, and many more. All these factors are the main reasons for experiencing the BTC crash. Last year when Bitcoin touched its ATH US$68k, everyone thought soon they will see BTC reaching new heights and touching US$100k. But nothing went as dreamed and last month, the world’s biggest cryptocurrency fell up to US$18k.

Even with the crash, many crypto investors are keeping their hopes high when it comes to BTC’s price surge. Many believe that BTC will again rise to the US$68k price level and make a dramatic comeback. While there is a huge number of people losing interest in Bitcoin and choosing other cryptocurrencies. It has always managed to come back even after hitting US$5k in February 2018. The cryptocurrency market is volatile. There can be crypto winters as well as crypto springs to experience crypto crash situations suddenly. Thus, even if the Bitcoin crash continues to be on trend for the other half of 2022, BTC will prove it wrong and have a strong comeback in the crypto market. It can be ensured because it is still the number one cryptocurrency in the global crypto market despite a major crypto crash from US$68k to US$18k. Bitcoin has been highly successful in coming back with huge profits after hitting the 200 weekly moving average within 2015-2020. Thus, never lose hope in Bitcoin because the BTC tokens will make crypto wallets shine after some time.


When will Bitcoin recover?

Based on the current situation, it might take a lot of time for the BTC token to regain back its previous all-time highs and investors need to be extremely patient since the crypto market is still extremely volatile at this stage. The decentralized crypto market is extremely susceptible to manipulation and mismanagement, and to make things worse, the market is continuously following the footsteps of the stock market, making it impossible for digital assets to recover easily.

Quite recently, Ethereum Foundation member Tim Beiko suggested that the Ethereum Merge upgrade might probably be launched in September. The Merge will represent one of the biggest developments in the crypto market, aiming to eliminate the need for energy-intensive mining and also secure the ETH network for using staked ETH. This ETH price rally led to a massive increase in the values of other altcoins and also took out Bitcoin from its previous price barriers. But experts believe that under bearish market conditions, such relief rallies are quite common and do not indicate long-term prospects of a volatile cryptocurrency, like Bitcoin. Furthermore, the revelation of the US inflation data is scaring investors away from decentralized assets, deepening fears that the Fed and centralized organizations will become more aggressive in their fight to curb the impact of inflation.


So, should investors wait for the crypto to recover?

Bitcoin has survived some of the worst economic conditions in its brief history and continues to remain one of the biggest cryptocurrencies in the world. Based on the present conditions of the market, crypto investors are waiting for a robust investment opportunity that would involve the stability of the Bitcoin price, but the idea is still quite far-fetched. Bitcoiners have to be extremely careful before investing in crypto and stay cautious of aggressive crypto downturns.