As everyone knows in the recent weeks the bearish trend has continued. BTC is currently hovering just above $21k from its ath of $69k. As macro economics (inflation, interest rates) worsen BTC will continue to sink but how low will it go? Everyone is watching $20k as a psychological support, typically in the past BTC never falls below its prior bull run ath but the difference this time versus the past is that BTC is currently right above that level and things are only getting worse. What seems possible is 60-80% drop from ath bringing us down to about $13-15K but with BTC base becoming more sophisticated and knowledgeable over the last 2-3 years we could see a drastic pop of buying pressure and then some sideways movement.
Now for the curveball…..Celsius! Celsius is in a liquidity crisis and its very possible the company is insolvent causing them to pause all its users withdrawals. This could cause a catalyst of turmoil turmoil in crypto. IF…the whales get liquidated the downside cascade could be tremendous causing levels lower than originally expected. Would it be crazy in this scenario to see BTC near or below $10k? (Former Bitmex ceo tweeted yesterday “unsettled BTC and ETH futures we’re currently at $20k & $1K The closer pricing gets to these levels the more traders with open positions will have to sell to hedge their positions”).
(This is only my opinion I have no clue what’s going to actually happen)
