Bitcoin Price In The Verge Of Another Breakdown

It’s been more than a month that Bitcoin has been trading below $20,000. In fact, the currency had even dropped to near $18,860.

At the time of reporting, Bitcoin is selling at $18,756 with a plunge of 1.96% over the last 24hrs.

Considering Bitcoin’s recent price movements, it is likely to form a short-term inverse head and shoulder pattern with a breakdown at $18,000. If Bitcoin forms an upward pattern, the immediate resistance will be around $18,800.

Meanwhile, the managing director at Midas Touch Consulting, Florian Grummes, believes that the flagship currency will fall below its support level of $18k and revisit $10k. And now, as the currency has lost its $19k area, it looks like soon BTC will hit $10k as per his prediction. Furthermore, he predicts that the worst-case scenario may lead to the asset falling to the $6k level because of the intense liquidity crisis.

Next Bitcoin Bull Run In 2024

However, on the bright side, he claims that once Bitcoin hits the bottom, the currency will explore new heights. Earlier, he had accurately predicted that the macroeconomic conditions will lead to a liquidity crisis and he had also said that Gold will outperform crypto.

At present, the global financial instability is getting worse day by day with an increased interest rate hike by the Fed and rising inflation rate. Hence currently the crypto market is struck in Crypto winter. This is the reason that Grummes is seen claiming that the US Dollar is the best investment during such a crisis.

Further, Grummes asserts that typically the life span of Crypto winter is 24 to 27 months and it’s been just a year that crypto market entered winter, there is still a year for bull market. As per his calculation, the next bull run for Bitcoin might be expected around May 2024, the next Bitcoin halving.

On the other hand, Grummes believes that the central government is against Bitcoin and doesn’t wish BTC to succeed which is hampering its growth.