Bitcoin (BTC) under pressure – is the 50% crash coming?

After the FTX bankruptcy and the price drop, the panicked mood in the crypto industry may not subside. The future outlook for Bitcoin, Ethereum and Co. are correspondingly fearful.

The crypto industry is concerned about the further development of Bitcoin and Co.

Photo: Panthermedia.net/YAYMicro

Bitcoin investors continue to face an endurance test: the price is weak, the mood in the crypto markets is fearful. The forecasts, meanwhile, range between hopeful and apocalyptic. What should you expect now?

The majority expect a crash

Quo vadis, bitcoin? The number 1 cryptocurrency has appeared indecisive for weeks: the price has held fairly steady above $16,000, but has not shown enough strength to start a trend reversal. When Did Bitcoin Fall? When will the next bull market start? “We are probably entering the last phase of the bear. But this last phase can take quite a long time,” commented the pseudonymous industry observer “Byzantine General” broadcast the course on Twitter.

This means that investors should expect further downward movements before the digital asset can recover. A recent survey of more than 3,000 participants shows that the majority of crypto investors currently assume this. 66.9% believe according to which BTC has not yet reached the bottom of the cycle and will continue to fall. Whether that will happen remains to be seen. Markets tend to take the path to the biggest pain – behaving in exactly the way most people don’t expect. Bitcoin is currently trading at $16,840, up just 0.3% in the last 24 hours. Ethereum is similarly sluggish: The second-most valuable cryptocurrency by market cap has lost about 4% in the past week, but is also up 0.3% since yesterday.

Will Bitcoin Correct to $8,000?

The coins have so far avoided a major fall. But should there be another market-wide downturn, there is a risk of landslide losses. Analysts warn of corrections of up to 50% for Bitcoin and more than 76% for Ethereum. Concretely, this means: BTC faces a possible crash of up to $8,000, Ethereum could fall to $300. Important here: These are only short-term price targets.

“Capitulation goals, when and if they come:
$BTC – $10,000 – $8,000
$ETH – $500 – $300
$SOL – $7.0 – $5.0
$LINK – $3.0 – $1.50
$DOT – $3.50 – $2.50
$BNB – $150 – $100
$MATIC – $0.25c

Again, IF they come. Things are changing fast but if we hit these areas I will start to rise” – Crypto Tony @CryptoTony_ , December 7, 2022

Assets are generally expected to recover over the next few months and begin a new uptrend. This is signaled by several bullish factors apart from price. Among other things, the number of new Bitcoin holders – which has just reached a new all-time high. Additionally, the Bitcoin price is currently below the “Global Bitcoin Electrical Cost” indicator – so far always a reliable bull run signal.

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