Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Bitcoin In Free Fall: Where Will It Find Bottom?

Published 06/14/2022, 12:39 PM
Updated 07/09/2023, 06:31 AM

Bitcoin is now in free fall, and the next level to watch is around $20,000. In my 2022 forecast, I projected a bottom at approximately $20,000, as this is a logical area of support for the largest crypto currency to form some type of consolidation/bottoming pattern.

My confidence that the current price will be the bottom is low, given bitcoin is currently highly correlated with equity markets and thus trading just like any other risk asset. The economic headwinds that are adversely affecting equities are also affecting crypto. This is not a good sign, given the odds of a recession are high.Bitcoin Long-Term Chart

Latest comments

Everyone try to trigger a buy at 20k but not far from it everyone dump...
according to Buffett, ZERO dollars is the bottom.
Buffett may be wrong! I Don't believe what he says about BIGCOIN becoming bitcoin! Ha ha.
I bet with you. He don’t know how to type with eight fingers.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.