Bitcoin

Bitcoin (BTC) Price Will Hit Yearly Lows At This Level!

Written by: Sara K

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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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Jul 13, 2022

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Bitcoin has once again lost significant support at $20,000 and was trading above the $19,000 level. Investors are interested to know where the bottom will be for the largest digital asset and what price it will end the year at as Bitcoin (BTC) is losing support near the important $20,000 level. The panelists in the survey blamed the rise in the interest rates for the collapse of the market.

According to results of a Finder, the survey revealed with Finbold on July 12, the consensus of 53 cryptocurrency and Web3 industry professionals forecast that the price of Bitcoin will fall to a yearly low of $13,676 in 2022 before rising to complete the year at $25,473.

The CEO of Morpher, Martin Froehler, forecasts that bitcoin will fall below $12,000 before rising to $40,000 by the end of the year.

“It’s reasonable to expect to see more big projects fail in the next couple of months. Retail sentiment is at historic lows due to global economic uncertainty and inflation. Highly leveraged miners, who just had to digest the China exodus, will capitulate and increase the downside pressure even more. We will see even lower Bitcoin prices.”It is noteworthy that 70% of respondents think the market has formally entered a “crypto winter,” confirming the broad belief that the market has been gloomy overall.

When Will ‘Crypto Winter’ End?

The rise in interest rates around the world, according to 70% of the panelists, was the main cause of the collapse of the bitcoin market. Following this, Terra (LUNA) collapses (68%), central banks tighten their balance sheets (47%), and inflation rises (11%) (40 percent ).

On how long the crypto winter will last, though, there is also a dispute. Only 29% of respondents think the market will recover this year, while 46% think it will last until 2023 and 24% think it will last until 2024 or even beyond.

The average price forecast for bitcoin this year by the panel has significantly decreased. The panel’s average prediction for Bitcoin’s value has dropped by 61 percent since April when it was expected to reach $65,185 by the end of the year. The price projections for 2025 and 2030 are still significantly greater than the all-time high of just under $70,000 for bitcoin.

With favorable long-term price projections, 50% of Finder’s panelists currently think it’s a good time to buy bitcoin (down from 73% in April), 40% think it’s a good time to hold it, and 10% think it’s a good time to sell it.

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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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