Bitcoin continues to test investors ’nerves. Although the price of the asset rose by almost 10% tonight, the profits had to give up almost entirely immediately afterwards. Leading analysts are warning of further losses, saying: “We will see Bitcoin for well below $ 20,000.” What should crypto investors expect now?
Bitcoin up 10% in a few hours
Tonight, bitcoin bulls suddenly started to flow: They pushed the # 1 cryptocurrency to $ 20,632 from $ 18,778, representing a gain of almost 10%.
However, the asset was unable to sustain the sudden gains: when it reached the local high, the price of Bitcoin began to fall, falling to $ 19,557, where BTC is currently trading. Once briefly above $ 20k, then again below $ 20k.
Overall, cryptocurrencies are turning slightly green today as the global crypto market cap is up 2% in the last 24 hours and is now at $ 882 billion.
BTC is standing well in its current price range, seemingly avoiding deeper corrections. So many crypto investors are asking themselves: Is Bitcoin Bottomed Now? What are analysts saying about this?
Bitcoin will crash: “I promise you that”
While Deutsche Bank already owns Bitcoin expects recovery to $ 28,000 by year end, Popular crypto analyst Justin Bennett is much more bearish in a new video analysis.
In his estimate, Bitcoin will fall well below $ 20,000. The reason: In a bear market and recession, the S&P 500 could fall “30%, 40%, if not 50%” – with corresponding consequences for the number 1 cryptocurrency. Bennett:
“If BTC is hovering around $ 20,000 even though the S&P 500 is only 19% off the highest level ever, what if the S&P 500 falls 30% or 40% or 50%?”
The industry watcher recommends: Bitcoin will be massively right there too. Bennett:
“We will see bitcoin far below $ 20,000. I can already guarantee you that. ”
Here’s a full Justin Bennett bitcoin analysis.
Bullish on crypto: JP Morgan
The strategists at JPMorgan, the largest U.S. bank, are surprisingly optimistic about the crypto markets. Hence, the market may mark over earlier than expected, the financial experts stressed Bloomberg.
Many crypto assets like Terra LUNA and Celsius Network have collapsed in recent months. However, JPMorgan analysts said crypto companies and venture capitalists would step in to prevent worse.
For example, venture capital financing, “an important source of capital for the crypto ecosystem,” on “at a healthy pace” in May and June. And this development is likely to reduce the crypto bear market.
Last updated on July 1, 2022
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