Rebound to $30,000? No, BTC is heading towards $10,000!
Bitcoin still can’t gain a foothold above $20,000 — what’s next for the King of Crypto? A rebound looks possible, but we’ll drop to $10,000 in the end. Find out what BTCNEXT analysts think of the current situation!
1–13 July main events
- Voyager Digital goes bankrupt. A cryptocurrency broker has filed for bankruptcy in a New York court. The company’s estimated liabilities range from $1 billion to $10 billion, with about 100,000 customers.
- Celsius bails itself out of a margin call. The crypto lending platform has successfully repaid the loan in the MakerDAO protocol. On July 7, Celsius paid the full amount and withdrew 23,962 WBTC of collateral (~$500 million). A few hours later, 24,463 WBTC was transferred to the address of the FTX crypto exchange.
- Mt Gox prepares to return funds to creditors. The exact date of the payments is unknown, but eventually, 137,891 BTC will be poured into the market.
Bitcoin continues its downward movement, with short-term rebounds. After falling below $18,000, the price moved up to $22,527, demonstrating a 28% increase. At the moment, BTC is trading at $19,500. It’s important to understand that all markets are now trading against the strengthening USD — this is the main driver for the decline in quotes. The DXY has updated its local high and is preparing to break through the 110 mark.
A bearish trend in the US stock market generally only lasts about half a year, so it is too early to talk about a reversal. Fed policy remains tight after 10-year QE. All markets correlate with each other and cryptocurrencies are no exception. In the coming quarters, we all need to monitor inflation in the US and the EU. If the actual values are not lower than expected, we need to prepare for a recession in 2023.
Given the above facts, we should not expect a bull market any time soon. Any strong rise is just a rebound in the global bear market. If there is a strong rebound, we can expect BTC to climb to $28,000-$30,000 and $32,000-$35,000. The fall will be long and may extend to the $10,000-$12,000 zone. At the moment, there is no potential for independent movement; the Dollar Index is too strong and all markets will fall.
That’s all! If you want to continue receiving price analyses — stay tuned for more BTCNEXT updates!
To learn more about BTCNEXT, visit our official website.