Alternatively, Bitcoin could potentially lose almost half of its current value, and it’s difficult to determine whether a drop to $10K is a realistic possibility. Nonetheless, there are several factors to consider that could potentially accelerate a downward price trend.
Holding BTC or any other cryptocurrencies may become less attractive to the broader masses once FED interest rates increase. However, many factors can push the price up or down.
The crash of the FTX exchange led to a chain event, which resulted in the instability of several related firms, now facing bankruptcy. Should these companies resist challenges and remain solvent, it may potentially be time to consider whether or not Bitcoin will bottom out.
Positive news surrounding crypto could trigger the Bitcoin price moving up. The end of the war or XRP winning the case against SEC would potentially push the BTC price upwards. According to Brad Garlinghouse, CEO of Ripple, this legal drama may end in the first half of 2023, possibly indicating a more positive trend in the future.
Regardless, a BTC price drop is nothing to be afraid of if you’re playing the long game.Investors who plan to hold onto their cryptocurrency for over a decade would probably welcome the chance to buy Bitcoin at $10K. This could present a favorable opportunity for investment, particularly since numerous investors, such as Scaramucci, anticipate that the price of Bitcoin will be between $50K and $100K by the end of 2023.
