How Low Can Bitcoin Go?
View original at nasdaq.comHow Low Can Bitcoin Go? Crypto markets have had a tough year, marked by brutal sell-offs. The value of the global cryptocurrency market has fallen from a peak of more than $2.9 trillion in November 2021 to around $1 trillion today…
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A Bitcoin breakout above $22,500 could carry Bitcoin to its next resistance level of around $27,500, but upside beyond that may be difficult given the long-term downtrend
60% confidenceThe long-term trend for Bitcoin is still down after breaking support around $30,000, which marked the completion of a big top formation
60% confidenceBitcoin prices have potential to fall even lower; every time interest rates go up or the Fed announces plans to increase rates, Bitcoin takes a sharp dive almost instantly
60% confidenceBond market pricing implies greater than 66% probability that the Federal Reserve will raise interest rates by at least another 2% by the end of 2022
60% confidenceBitcoin has shown high correlation with the S&P 500 throughout 2022, suggesting it trades as a risk asset alongside equities
60% confidenceIf the Fed continues with their published rate-hike plan, continued U.S. dollar strength and bearish pressure on risk assets like Bitcoin is likely
60% confidenceThe $17,500 level may not mark the ultimate low for Bitcoin; $12,500 is a potential long-term downside target
60% confidenceBitcoin bulls argue Bitcoin's value is tied to its scarcity, similar to gold, given its fixed cap of 21 million total coins
60% confidenceSelling pressure in Bitcoin appears strong, and ease of movement is to the downside, so the bottom is not yet confirmed
60% confidence