The Bitcoin (CRYPTO: BTC) price is up 2% over the past 24 hours but remains down 14% since this time last week. And it’s down 22% so far in 2022.
One Bitcoin is currently worth US$38,058 (AU$52,207). That gives the world’s original cryptocurrency a market cap of US$715.2 billion.
A tidy sum. But a long way from the US$1.2 trillion market valuation it commanded after hitting all-time highs of US$68,790 on 10 November. Since that high the Bitcoin price has lost 45%, according to data from CoinMarketCap.
Where to next for the Bitcoin price?
Forecasting the price moves of cryptocurrencies is no exact science.
To say the least.
But to garner an idea of where the Bitcoin price could be heading next, we look at 3 expert projections, courtesy of Bloomberg, on what crypto investors could expect next.
First up, John Roque of 22V Research believes that the Bitcoin price could sink below US$30,000 amid the ongoing geopolitical uncertainty.
According to Roque, “In the globe’s latest maelstrom – US/Russia/Ukraine – Bitcoin, the asset purported to be the answer to every question, has quietly weakened and is notably underperforming its arch-enemy, gold.”
Nexo co-founder Antoni Trenchev is also eyeing the US$30,000 level. That’s some 21% below the current Bitcoin price.
According to Trenchev (quoted by Bloomberg):
Bitcoin’s inability to hold $40,000 amid heightened Ukraine tensions means $30,000 is back in play. Geopolitics has, for now, replaced inflation as the primary driver of both traditional and crypto markets.
Just how low can it go?
There’s no absolute floor to the Bitcoin price, save zero. But most crypto analysts don’t see the token falling nearly that far.
Trenchev believes it will find strong support at US$30,000, saying US$29,000 appears to be a “last line in the sand” for crypto investors.
Katie Stockton, founder of Fairlead Strategies, offers a slightly more bearish outlook.
Turning to the charts, she said the world’s biggest crypto could fall to US$27,200 where it would face its next “key technical test”.
The post Down 14% in a week, where to next for the Bitcoin price? appeared first on The Motley Fool Australia.
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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Bitcoin. The Motley Fool Australia owns and has recommended Bitcoin. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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