CJ – Crypto Speculator
In the previous day, BTC's price has decreased 1.21% and is currently trading at $16,583.75
Traders and speculators are unable to pinpoint the bottom for BTC
Only a significant market-wide act of violence will be able to lower BTC below $10,000
According to the cryptocurrency market tracker CoinMarketCap, the cost of the market leader has decreased once again during the past 24 hours. At the time of publication, the price of Bitcoin (BTC) is $16,583.75, a decrease of 1.21%. BTC's weekly performance has also been negatively impacted by this, as its price is currently down 0.88% over the past seven days. As BTC's decline continues, traders and speculators are finding it difficult to predict where BTC's price will bottom out during this bear market. BTC hitting $10,000 in this bear market, according to Twitter user IncomeSharks (@IncomeSharks), is a bit of a stretch.
“It is tougher to make a significant drop the lower we go. It required a record event like FTX with maximum fear and the highest selling volume in history for us to decline by 26%, $10k objectives are an additional 40%... How?”, the tweet said. In contrast to the massive amount of sell activity that was only able to drive the price of BTC down 26% this month with the FTX and general cryptocurrency exchange controversy, the price of BTC dropped 43% between June and July, according to the daily chart for BTC/USDT.
Given the number of sales required and the price movement that would follow the demise of FTX, it is reasonable to assume that only a catastrophic catastrophe would be able to drive the price of BTC below $10,000.
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