During its recent upswing, the cryptocurrency market has seen investors flock to it as they believe that the price is unaffordable. However, the question remains, “Who predicted Bitcoin to crash and when?”. A recent Forbes article suggests that the crash could occur sooner rather than later. Regardless of when, traders should keep in mind that the crash has the potential to be very significant. A crash in the price of Bitcoin could lead to the collapse of the entire system.
In July of last year, the price of Bitcoin fell to under $10k. Since then, it has enjoyed massive adoption and growth, reaching its current ATH of over $68k. But today’s dip comes as investors become twitchy about a clampdown by regulators. It was once valued at $10k, but the current price has almost doubled that figure. But, who was right? And where are the bears?
A bearish sentiment cycle may be hitting the cryptocurrency market, but other asset classes are not in that phase. Other crypto assets are outpacing Bitcoin in innovation, and are building the internet of the future on blockchain. Meanwhile, the hype around the metaverse and new altcoins is likely to continue to drive demand for cryptocurrency. In the end, Bitcoin is sure to bounce back. But who predicted Bitcoin to crash and when?
A recent price chart of the cryptocurrency shows its history of booms and busts. A more hawkish Federal Reserve, for example, could damage its price. In fact, the Bitcoin price chart shows its price tracking historical asset bubbles and busts. However, it’s hard to know exactly when or how much longer it will stay that way. So, it’s impossible to make a definitive prediction, but it’s worth considering what some experts say.
