Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

This Is Why Bitcoin Will Never Touch $10k, According to Analysts

Published 10/10/2022, 06:10 AM
Updated 10/10/2022, 06:30 AM
© Reuters. This Is Why Bitcoin Will Never Touch $10k, According to Analysts

  • The crypto community is awash with predictions that BTC will hit $10k soon.
  • A market analyst believes the popularity of this notion is a negative indication of such reality.
  • Two years ago former Twitter CEO bought 4,709 BTC at $10k for his company.

There is a widespread notion within the crypto community that the price of the most-priced cryptocurrency, Bitcoin (BTC), will crash to the $10k price point before any significant bull rally. However, some crypto enthusiasts express deep skepticism about that ever happening.

IncomeSharks, a market analyst, contended that if the majority of the crypto community agrees they would buy BTC at $10,000, that is, in fact, a strong indication that Bitcoin would never plunge to $10k.

The commenter believes “more people will be buying and less will be selling.” And as per the laws of demand and supply, the price would shoot up instead.

They also brought up the argument of how people expected BTC to hit $100k back in December 2021, but it never happened. IncomeSharks shared another interesting anecdote regarding the most popular meme token, Dogecoin. They said:

Remember how DOGE was going to $1? Who was going to buy at $.99, knowing everyone was going to sell at $1? So naturally, that trickled it down, and it peaked at $.75. If [BTC] gets to $10k, it means demand is gone, and something bad happened. Meaning the fundamentals changed.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Bitcoin currently trades at $19,351.25, with barely a 1% increase in the last seven days. Another crypto influencer on Twitter also opined that it is probably the last time we see BTC at $20k before the big nosedive to $10k.

Notably, two years ago, a financial service company led by the former CEO of Twitter, Jack Dorsey, bought 4,709 units of Bitcoin for $10k each.

The post This Is Why Bitcoin Will Never Touch $10k, According to Analysts appeared first on Coin Edition.

See original on CoinEdition

Latest comments

Well, never say never!Soeculatively, Crypto market is a scary place to venture at the moment (reason being the 2 major drivers of the financial greed and fear)The first stage of greed was trying to push btc to 100k that didn’t happen, demand got short handed then FEAR greeped the market and the fancy coin that we all love is not rambling at 20k-18k for the past couple of months now!At the current state, FEAR is still driving cos of the general speculation of a further plummet marking 10k as the target where we can all anticipate for further GREED of some hefty buyers!Either way, its advisable to buy slowly and wait if the plummet happened you get to buy more at discount, if it does jot you alrwady have few to run with.
Demand? There is no demand, there is only speculation.
Install Our App
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.