Related Article | Bitcoin Price Plummets Below $40,000 As Crypto Market Tallies $440 Million In Liquidations
Bitcoin Feeling The Pressure
Concerns about macroeconomic and geopolitical concerns have lingered, keeping some investors away. Russian President Vladimir Putin stated during a news conference on Thursday that peace talks with Ukraine have reached a stalemate.BTC total market cap at $752.41 billion on the daily chart | Source:
BTC Could Touch $33K
If this level is not maintained, Bitcoin’s next stop could be the $33K important demand zone. Bitcoin has lost more than 15% in the last week, prompting one indicator to declare that the market has entered a time of “severe anxiety.” The price decline occurs in the context of a broader downturn in global financial markets, prompted by geopolitical crises and uncertainty over the prospect of the US Federal Reserve tightening monetary policy.Related Article | Price Of Bitcoin Retreats Under $42,000 As Enthusiasm From Miami Event Fizzles
Future Still Looks Bright
Despite the current dismal performance of Bitcoin, a prominent trader believes that the cryptocurrency’s price might potentially double in the next two years. Peter Brandt made a prediction in response to a tweet from Tuur Demeester, a long-time Bitcoin supporter. According to the latter, following extended periods of consolidation, Bitcoin tends to erupt “like nothing else on this earth.” According to Brandt’s forecasts, Bitcoin may either double in value in two years or continue its streak of sideways trading for an extended length of time. A seasoned trader previously predicted that Bitcoin’s next “rocket stage” will begin in 2024, based on how prior market cycles have unfolded.Featured image from DataDriveInvestor, chart from