There is a widespread notion within the crypto community that the price of the most-priced cryptocurrency, Bitcoin (BTC), will crash to the $10k price point before any significant bull rally. However, some crypto enthusiasts express deep skepticism about that ever happening.
IncomeSharks, a market analyst, contended that if the majority of the crypto community agrees they would buy BTC at $10,000, that is, in fact, a strong indication that Bitcoin would never plunge to $10k.
The commenter believes “more people will be buying and less will be selling.” And as per the laws of demand and supply, the price would shoot up instead.
They also brought up the argument of how people expected BTC to hit $100k back in December 2021, but it never happened. IncomeSharks shared another interesting anecdote regarding the most popular meme token, Dogecoin. They said:
Bitcoin currently trades at $19,351.25, with barely a 1% increase in the last seven days. Another crypto influencer on Twitter also opined that it is probably the last time we see BTC at $20k before the big nosedive to $10k.
Notably, two years ago, a financial service company led by the former CEO of Twitter, Jack Dorsey, bought 4,709 units of Bitcoin for $10k each.
The post This Is Why Bitcoin Will Never Touch $10k, According to Analysts appeared first on Coin Edition.
See original on CoinEdition
Source: Cryptocurrency - investing.com
