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Bitcoin might decline further and take down the entire crypto market along with it
The global crypto market once again signals an impending downfall in crypto prices, including Bitcoin, whose declining trading volumes indicate a major sell-off season, eventually leading to a major deficiency of funds from the crypto market. Bitcoin’s biggest hit since 2020 has been the incidence when its price fell below US$21k. The crypto has been revolving at a tight range of around US$17k to US$21k. Currently, at the time of writing this article, the crypto is struggling to maintain the US$21k resistance. Experts believe the Ukraine-Russia war, rising inflation, and an emerging recession period are some of the major reasons responsible for the declining value of Bitcoin. To make things worse, the crypto market has been continuously tracking the stock market, which makes it even more involved with the drastic macroeconomic conditions of the global economic and financial conditions. Recent Bitcoin price prediction reports by a Chinese state-run newspaper Economic Daily have got investors spooked. The report warns investors to be careful about their crypto investments, especially, if they possess Bitcoin as an investment option.
BTC’s price actions have projected a continuous downward slope. And this warning came at a time when investors were hopeful that major cryptocurrencies were finally taking off and breaking their price resistance barriers. Even though there are several speculations regarding a future that is devoid of Bitcoin’s dominance in the market, BTC believers continue to hoard tokens in their wallets, in hopes, that when its price rises again, they would eventually become the new Bitcoin whales and end up generating massive amounts of profits from their investments. But there is also a different side to this story. There are several market participants who are in shock and might even get trampled on despite following the suggestions and strategies recommended by crypto big shots. Recently, new reports have got investors to run away from BTC. Infact, experts believe if the BTC price fails to achieve its 200-week moving average, then the token might experience macro price bottoms and might end up losing another 50% of its total value.
Chinese Media says Bitcoin is about to reach US$0
The Chinese newspaper Economic Daily has warned investors that the price of the leading cryptocurrency might be heading towards zero value. This will eventually lead investors to move away from investing in BTC and choose other cryptocurrencies or investment assets. The reports also suggest that after the investor community losses its confidence in Bitcoin, sovereign countries will declare the use of Bitcoin illegal, which will finally render its value to be worthless.
Initially, when Bitcoin’s value fell, analysts justified it by considering it as one of the cycles where Bitcoin will likely experience bottoming out and eventually rise again to generate more profits than before. But unfortunately, this cycle seems to be extending for quite a long period. Hence, investors are preparing for the worst-case scenario. Currently, Bitcoin whales are also dumping their tokens as they have concluded that the falling prices are not likely to surge anytime soon. Investors continue to remain on edge due to all the negative headlines about the future of Bitcoin.
Will you invest in Bitcoin?
The year 2022 has been a rollercoaster ride for the crypto market. Bitcoin’s price declined at an unprecedented rate, taking down other cryptocurrencies along with it. The fall of the crypto market, induced by the declination in Bitcoin has also harmed major crypto exchanges like Binance, Coinbase, and Celsius. If you are someone who wishes to explore the volatile parts of the crypto market, then this might be the perfect opportunity to invest in crypto. Nevertheless, crypto analysts continue to warn investors to either stay away from the market or conduct extensive research before diving into it.