Crypto Crash is not over, BTC to 10K?

The year 2022 was a harsh one on the cryptocurrency market. Bitcoin prices sank from a high of around $69,000 to the current price of $16,500. The entire crypto market also lost on average around 70% following Bitcoin prices. Regardless of whether this crash was overdue because of bubbling prices, the big question remains on what’s ahead. Will 2023 be a positive year? What will happen to the Bitcoin price in 2023? Let’s analyze in this Bitcoin prediction.

Crypto 2022: Bad year to buy Bitcoin?

Short answer: yes. Who would want to buy an asset that is falling in price? Well, hypers in 2022 always talked about how crypto prices are going to go back up soon. However, the timelines always remained a mystery. This allowed crypto rookies to enter buy trades throughout 2022, hoping for prices to redress higher.

What really happened is that prices continued to dip lower and reached the current state. The crypto market overall dropped from a market cap of almost $3 trillion to the current $843 billion.

Fig.1 Crypto cap in USD crashing 70% in 2022 – coinmarketcap

Did Bitcoin reach its bottom?

If we look at the technical chart of Bitcoin, we can notice that prices are still on a continued downtrend. Bottoms are usually identified by an extended consolidation around a strong support price area. However, for the case of Bitcoin, we still did not see a strong consolidation.

In fact, Bitcoin prices did consolidate around the $19,000 price mark for a good 4 months. On the other hand, prices crashed yet again and reached the current price of $16,500. This is why the $19,000 price can’t be considered a bottom. Bitcoin can still slip lower and reach lower price areas.

BTC/USD 1-day chart showing the break in the support of BTC
Fig.2 BTC/USD 1-day chart showing the break in the support of BTC – GoCharting
exchange comparison

Bitcoin Prediction 2022: Will Bitcoin reach $10,000?

Since Bitcoin did not reach its bottom yet, it can still fall further. Looking at figure 3 below, we can see how the downtrend of Bitcoin has been playing year-to-date. After every crash, a slight recovery was happening.

Bitcoin should slightly retrace higher and reach around $20,000. However, another crash might occur, this time leading BTC price to an area between $12,000 and $10,000.

BTC/USD 1-day chart showing the downtrend of Bitcoin
Fig.3 BTC/USD 1-day chart showing the downtrend of Bitcoin – GoCharting

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