Bitriver Analyst Predicts Bitcoin to Drop to $10,000

Recently, more and more cryptocurrency analysts have been reporting the possibility of the main digital asset falling to the $10,000 mark soon. Vladislav Antonov, a financial analyst at BitRiver, has also joined the community of those who believe in dumping the coin to the above level.

After the Genesis cryptocurrency broker may follow the American company due to the fall of the FTX exchange, this factor depresses many investors and they go to sell their assets in order to save their funds and prevent big losses. The chain reaction generates an even larger dump, and as a result, the flagship cryptocurrency can sink to the $10,000 mark. According to Antonov, the market is now under serious pressure, and therefore reaching the “cherished” $10,000 is just a matter of time.

He also noted the low liquidity of the market and believes that the situation with the BTC price may be affected by the closure of other sites:

The market is low-liquid, so if a few more companies start to experience difficulties, the price may drop by 20-25%. From the current price to $ 12 thousand, just 20% is obtained. In the event of a negative scenario and a decrease in confidence in cryptocurrencies, the “crypto winter” may be delayed until the bitcoin halving in 2024.

Tonight, Bitcoin updated its lowest levels, which were last reached in November 2022. This time, BTC dropped to $15,400 and is getting closer to $15,000. At the time of writing, the main cryptocurrency has risen slightly and is already worth $16,000. The total capitalization of bitcoin exceeds $310,000,000,000, and the trading volume carried out by traders over the past day has exceeded $34,400,000,000.

A significant drop in the main crypto asset was noticed immediately after Bloomberg reported on the possible launch of the bankruptcy act of the Genesis cryptocurrency platform.

The latter is a counterparty to many cryptocurrency projects, and therefore bankruptcy is likely to affect the entire market. The problems of Genesis have already had a negative impact on the owners of the exchange, the billionaire Winklevoss brothers.

BitRiver financial analyst also noted that while some investors are in great fear, the current situation opens up new opportunities for other crypto enthusiasts who can enter the market and invest in bitcoin at a price tag of $10,000-$15,000:

With a price in the $10-15 thousand zone, unique and attractive conditions for investors begin to take shape in the industrial mining market. Low-market entry into bitcoin mining could pay off handsomely as prices recover. Bitcoin fell many times by 80%, after which it won back all the losses, becoming stronger, and updated all-time highs.

BitRiver believes that if the situation with FTX had not happened, then the cost of the main cryptocurrency could already be at $25,000, and not only the cost, but also the market capitalization, which directly depends on the BTC price tag, could recover. According to the expert, the white streak for miners and investors will begin only after the end of the liquidity crisis.