The cryptocurrency market witnessed a bloodbath on Tuesday amid global markets crash and diminishing risk appetite of investors. Following a 5% percent decline, Bitcoin Price breached the $30,000 mark in the last 24 hours. It is the lowest level of the largest digital token since July 2021. BTC Price hit an intraday low of $29,944.80.
In a recent interview by Kitco News, panel experts Kevin Wadsworth and Patrick Karim stated that Bitcoin is likely to fall further and should not be a surprise to traders if it is hanging around $20,000.
Moreover, financial experts are finding it difficult to trace the pattern of Bitcoin movements on the chart, as there is no prior data available to 2011, cause that’s actually when it started at its full bloom.
Patrick Karim Highlighted the correlation between Gold, Bitcoin, and NASDAQ shares.
According to him, the ratio of value between Gold and Bitcoin is eventually the same, and that is one of the reasons that the capital is flowing towards a real asset like Gold, and Bitcoin is falling. He also predicted that the BTC price might exceed $1 million in 2025.
When Will Bitcoin Stop Bleeding?
Kevin Wadsworth – co-founder of the technical analysis company Northstar & Badcharts – opined in his interview with Kitco News, that Bitcoin has not performed as it was expected in 10 years, and has kind of fallen short behind its actual target. Hence there has been a paradigm shift where people are actually moving towards real assets.
He further stated that such a trend is not only visible in Bitcoin, but also in all other alternative cryptocurrencies. Kevin predicted that in the future Bitcoin is very likely to fall flat to $20,000 and investors could see a loss of up to 75%.
Kevin also seemed disappointed by the market’s downward trend and suspected that other than Bitcoin, altcoins could even gather a loss of up to 99 percent. He used his chart to affirm this fact which showed how the Crypto market has actually shrunk to 1.43 trillion dollars in recent times.
“If #Bitcoin breaks decisively below $30K it seems highly likely that it will crash below $20K. That means anyone who owns Bitcoin now has a very important decision to make.”
What’s driving Bitcoin’s Extreme Plummeting Price?
According to Karim, it is yet to be seen how Bitcoin responds to inflation. Hence, people are likely to move more towards real assets like Gold or Stocks. It can also be concluded that the future of Bitcoin and crypto in the near future is a little uncertain and investors can be a little more cautious about their investments.
Whereas Kevin discussed the bitcoin chart, and he has some confidence that the cryptocurrency bull market may be resuming later this year. However, a breakthrough past $50k would be a very bullish sign.