This month may turn out to be the worst for Bitcoin as its price continues to plummet. Bitcoin has dropped below the $19,000 level, a crucial support level for Bitcoin’s price graph. The crypto king is currently trading 5.29% lower at $18,770. According to Dennis Porter, the CEO and founder of Satoshi Act Fund, Bitcoin (BTC) prices will end this month “very, very low.”
The recent crypto market crash has continued its bearish trend as the U.S. dollar stands with extreme strength. According to CoinMarketCap, Bitcoin’s price has dropped over 8% this week. Porter also revealed that the current economic system might be the worst macroeconomic condition ever happened in the market.
The Dollar Strength Harms Bitcoin
The king of swingers has been unexpectedly trading near the bottom line and has not surged over the $20,000 price level since June. One of the significant reasons behind this drop is the U.S. dollar’s robust strength as the dollar continues its climb to hit a fresh 20-year high.
The U.S. 10-year Treasury Bills also achieved muscular strength. The dollar’s upward movement led to turmoil in the NASDAQ 100 and S&P 500. As Bitcoin is solid collateral for tech-based NASDAQ and tech stocks, the stocks also touched the bottom line.
However, some experts have shown hope to investors by referring to this downfall as a dull phase. Regarding this, Martin Leinweber, digital asset product strategist at MarketVector, said, “Bitcoin is not dead. It’s just boring at the moment, so traders are already looking for alternatives.”
However, the dollar’s upward rally does not seem to put a stop here as the Fed’s stance may be more aggressive in the upcoming months. However, Powell thinks that the Fed’s move to increase the Dollar’s strength will help to fight inflation.
Fear Of More Downside?
According to crypto experts, the Bitcoin price may continue to drop further and touch extreme lows. A significant crypto analyst, Richard Heart, believes that BTC will fall to $11,000 before any spike in its price.
If the selling pressure of Bitcoin continues, we can see a next support level at $17,500. Therefore, investors are advised to refrain from any massive investment in Bitcoin for now.