Bitcoin could bottom out at $14,000
Bitcoin (BTC) is facing a “cycle bottom” since early May, when the price of the cryptocurrency plunged from 39,000 USD down to as low as 26,700 USD.
At 6 am this morning (June 6), Vietnam time, the price of Bitcoin on CoinDesk exchange traded at 30,015 USD, up 0.83%, equivalent to each coin adding 247 USD. Bitcoin price recovered to the region of $30,000/BTC after several days of sharp declines.
Bitcoin is down more than 50% from its November 2021 record high. (Photo: istock)
According to statistical data over the past 24 hours, the world’s most popular and valuable cryptocurrency trades as low as $29,527 and highest at $30,137.
Bitcoin trading volume during this time is around $17 billion, with market capitalization at $572 billion, according to CoinMarketCap.
Professional traders think that this is likely to be a short-term rally because the market has not yet recorded a clear growth momentum. In the next few days, if it holds up at $30,000, Bitcoin can reach $35,000.
Meanwhile, some experts have just warned about the possibility of the collapse of thousands of digital currencies in the context of blockchain blockchains facing the risk of serious breakage. CNBC.
There are now more than 19,000 cryptocurrencies and dozens of blockchain platforms. This market is already shaky, especially after the recent collapse of the LUNA coin. This is considered one of the biggest Black Swan events in the Crypto market, because the level of impact is particularly severe. No one would have expected that a stablecoin would fall below 1 USD, or that a top-ranked cryptocurrency could plunge from 100 USD to only 0.0001 USD.
Share with sheet CNBCBertrand Perez, CEO of the Web3 Foundation, said: “One of the problems we are facing is that there are basically too many blockchains out there. This makes it easy for users to get confused and face risks. ro”.
“Just like in the early days of the internet, you’ll find a lot of dotcom companies. Most of them are scams and don’t bring any value. Now the companies in the cryptocurrency sector are civilized. and more legal,” said Brad Garlinghouse, CEO of cross-border blockchain payments firm Ripple, “however, I sometimes wonder if we really need 19,000 new cryptocurrencies. , while in the fiat world, there are already 180 currencies in existence.
Scott Minerd, Chief Investment Officer of Guggenheim, recently also said that most cryptocurrencies today are “junk”, with the exception of Bitcoin and Ethereum. The above statement was made in the context of the cryptocurrency market being engulfed in a series of red trading sessions.
Bitcoin is down more than 50% from its November 2021 record high, according to CNBC. Many experts also think that this cryptocurrency will continue to plunge 50% from the current price, down to 14,000 USD in 2022.
“Based on Bitcoin’s previous trend, 2022 will be the year this coin has the deepest price drop in a 4-year cycle,” said Ventures Founder, an expert at online blockchain analytics platform CryptoQuant.
On the positive side, though, this is an ideal time for investors to bottom out Bitcoin cheaply.
One analyst thinks that the next 6-12 months is the ideal time to buy Bitcoin as it is having the best return rate ever. Although this coin has not really bottomed yet, its price is in a cycle bottom range, so it is good to buy.
This view is in stark contrast to the advice of billionaire Bill Gates for investors. Until now, he is still famous as an opponent of cryptocurrencies, saying that this is just “something that people decide to pay for each other” and does not bring anything back to society.
“I don’t own any cryptocurrencies. I like to invest in things that have an output. Bitcoin can go up or down based on anyone’s feelings or opinions and I can’t predict the volatility. that action,” said Bill Gates.
While blockchain platforms, from Ethereum to Solana, are all vying for the top spot. However, Brett Harrison, CEO of crypto exchange FTX US, said that not all platforms last forever. “The next 10 years, the market will not have hundreds of different blockchains. All will be classified gradually over time,” Mr. Harrison said.
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