12.07.202110:23 Forex Analysis & Reviews: Analysts predict an imminent collapse of bitcoin to $10,000

Experts of the cryptocurrency market say that the current position of bitcoin is difficult to call stable, and soon BTC risks falling back to the level of $ 10,000 at all. Today, investors do not have a single reason to buy the first cryptocurrency or keep it in the portfolio.

In their disappointing scenarios, analysts rely on historical data, when during the past falls, the value of BTC sank by 80%.

Experts confidently call the current position of the main digital coin a collapse. Traditionally, this term is used to describe the fall of the cryptocurrency by 70-80%, which corresponds to the price range of $ 10,000-15,000.

At the same time, six months ago, in December 2020, analysts confidently adhered to bullish sentiment, predicting an increase to $ 400,000 for bitcoin. However, in April of this year, the opinions of crypto market experts changed dramatically, and they began to predict a possible correction to $ 20,000 for BTC. A few weeks later, information appeared in the media that analysts call the virtual currency a bubble against the background of the collapse of the crypto market.

Recall that in recent months, the first digital currency has already fallen from a record $ 60,000 to $ 33,500. The main downward factor for bitcoin was pressure from Chinese regulators.

Alarm bells began to come from many investors of digital assets. Thus, the Chinese smartphone manufacturer Meitu, listed on the Hong Kong Stock Exchange, registered losses of $ 2.6 million from the negative revaluation of the purchased cryptocurrency in the second quarter. As a result, investments in BTC turned into losses of $ 17.3 million for Meitu. Investments in Ethereum, which brought the company $ 14.7 million in profit, allowed it to return some of the funds.

Known for his indifferent attitude to the cryptocurrency market, Elon Musk criticized the blockchains of the main digital coin and Ethereum for the low transaction speed and high costs. At the same time, the founder of Tesla warmly supported Dogecoin and called it one of the most actively used digital currencies in the world.

In general, analysts call the current situation of the cryptocurrency market today "the summer calm before the storm". The current dynamics of the bitcoin price with significantly reduced trading volumes are traditionally considered a dangerous signal. When the market is affected by an insignificant number of open positions – any minor incident can lead to a grandiose sale.