The price of Bitcoin has experienced a 12-week slide, as the coin drops towards $20,000 amidst extremely weak macroeconomic sentiment in the global economy. After experiencing intense selling pressure for the eighth consecutive day, investors are speculating whether the price of Bitcoin will fall below $15,000?
In this Bitcoin price prediction, we will share multiple views on the future of BTC by analysing its technical indicators and external factors that may play a role in influencing the tokens’ valuation.
Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.
Will Bitcoin Crash Under $15k?
After trending sideways around the $30,000 levels during March of 2022, BTC has been in free fall since the beginning of April. On Tuesday, 14th June, BTC fell to just above the $22,000 mark. However, an eighth consecutive day of trading in the red has pushed the BTC price above the $20,000 levels.
After correcting by 30% in the last week alone, the asset is falling to a price level that has not been seen since mid-2020. The downward spiral has been met by increasing fear among retail investors, pushing large-scale crypto firms to potential insolvencies.
On Wednesday, 15th June, Dubai-based crypto firm Three Arrows Capital faced a $400 million liquidation after retail investors rushed to sell off their assets. The firm’s troubles have arisen from rumours that the popular crypto lender, Celsius, may be insolvent.
A big reason for the ongoing panic in the cryptocurrency markets can be attributed to the inflation numbers released last week. The U.S Consumer Price Index (CPI) report for May showed inflation of 8.6% on a year-on-year (YoY) basis. The number was 0.3% higher than the expected 8.3% inflation rate.
According to TradingView, the 1-day technical analysis of BTC has pitted the asset in a “sell” position – with 4 buy, 7 neutral, and 15 sell indicators. Furthermore, the 30-day and 10-day exponential moving average (EMA) also suggests that BTC can potentially face more price corrections in the future.
Notably, the RSI indicators have positioned Bitcoin at a neutral level. Since Bitcoin is not in an overbought zone, investors could buy bitcoin at current levels depending on their individual trading strategies.
When to Buy Bitcoin?
According to Wallet Investor (WI), a price-forecasting algorithm, the price of Bitcoin is expected to trade at an average of $19,525 by the end of June 2022. This suggests a price decrease of almost 10% in the coming weeks. This 10% price decrease indicates that Bitcoin is set to fall below $20k.
However, WI’s long-term outlook for the Bitcoin price is fairly positive. This algorithm predicts a 12-month price forecast of $43,684 for BTC. That is a 100% price increase from current levels.
Similarly, Gov.Capital, an AI-based forecasting site, predicts an 80% BTC price increase on a YoY basis.
Therefore, both the forecasting algorithms predict a positive outlook for BTC. Users can analyse the coin and conduct their own research to make a decision on when to buy BTC.
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