Bitcoin bloodshed is getting worse: crypto experts say the $ 20,000 range could be next

Bitcoin BTC / USD broke below $ 35,000. The price of BTC marked the lowest value of $ 34,378.04 in the last 24 hours. Aside from a brief sell-off in January, the price of Bitcoin wasn’t this low in 2022. Crypto at its peak remains above a key $ 29,000 level that was tested multiple times in the summer of 2021.

The largest cryptocurrency fell by about 50% from a record value on November 10, 2021 of $ 68,789.63.

Crypto billionaire Brock Pierce says Bitcoin could collapse spectacularly and suggests that investors should refrain from moving all-in on leading crypto assets.

“Bitcoin could fall to zero. So that’s a binary outcome. Either it will go to a million dollars for Bitcoin or to zero. So, there will be one or the other, so you don’t have to put everything there, “he said.

Pierce notes that the current crypto market scenario reminds him of a technology bubble more than two decades ago, when internet startups were destroyed.

Also read: Bank analysis of why Bitcoin cannot serve as a hedge against inflation

“This reminds me a lot of 1999, doesn’t it? We are in that phase. And what came out of that? eBay and Amazon, and other interesting companies have come out of the Dot-Com era 1.0. And a bunch of that went to zero. And I think that will probably be true for what we see here, ”he added.

Another crypto trader, Tone Ways, says Bitcoin looks “absolutely awful” because it flashes more bearish signals. It will probably be months before Bitcoin manages to reach the bottom of the bear market.

He says Bitcoin is likely to continue its downward trajectory and gain its psychological support at $ 30,000 unless the bulls land on the board soon.

“We have to get back into this triangle sometime this month. By the way, this is the future. This is the way to Bitcoin. We hope that will happen, say, next month, and it may end up at around $ 23,000, ”adds Vays.

Vays also says, “When something falls, I don’t just jump to catch a falling knife. You need some reason for that, and feelings aren’t the reason.” – $ 20,000 range, or we’ll give it another six months of frustration, and then in that case, the bear market is coming to an end. “

On Sunday morning, Bitcoin was trading at $ 34,789.85, down 3.51% in the last 24 hours.

Photo: courtesy of Marco Verch Professional on Flickr

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