Crypto Daily: Will BTC hit $10,000 soon? Analysts argue

Jul 12, 2022
05:07
2 min reading

Choise.com team

Crypto Daily: Will BTC hit $10,000 soon? Analysts argue

The decline of bitcoin over the last several weeks has raised concerns among investors in the space. The digital asset which had peaked at $69,000 had declined as low as $17,600 and continues to struggle to hold $20,000, dragging investor sentiment down with it. This same sentiment was shared by a polled group of Wall Street investors regarding how they viewed the digital asset. Mostly, investors do not see any bullish movement in the near future.

Majority Says Bitcoin Is Going Down

Out of the 950 respondents that were surveyed by MLIV Pulse, the majority revealed that they were not expecting any significant recovery for bitcoin. The digital asset is currently trading above $20,000 but these investors believe that it will likely crash further. A total of 60% of all respondents said they expected the price of bitcoin to actually decline to $10,000. Furthermore, they believe that this price point is more likely compared to the digital asset’s price hitting $30,000.

Bitcoin Rebound Is A Matter Of Time

At the same time Sharma, a New York Times bestselling author and former emerging markets investor at Morgan Stanley (MS), predicted that bitcoin could experience a comeback similar to that of Amazon. Amazon’s value fell by about 90% during the early 2000s dot-com collapse but increased by more than 300 times over the course of the following 20+ years.

Although Sharma agrees that there may be more turbulence for bitcoin and the larger world of digital assets over the next months, this may also serve to remove weak players from the market. Some claim that has already occurred.

Today’s technicals

Bitcoin is still stuck in a tight range as it trades around $20,000 to $21,000. The cryptocurrency was rejected at major resistance levels and could re-test its yearly lows close to $17,000.

At the time of writing, BTC’s price trades at $20,600 with a 1.4% loss and a 7% profit in the last 24 hours and last week respectively.

It is also trading below the100 hourly simple moving average. It even settled below the 76.4% Fib retracement level of the upward move from the $19,301 swing low to $22,500 swing high.

However, there is a major support waiting near $19,500. On the upside, the price could resistance near the $20,000 and $20,150 levels.

BTC’s price trends to the downside on the 4-hour chart. Source:BTCUSD Tradingview

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