Many experts have predicted the price decline of bitcoin, from Stifel Bannister to famous BTC critic Peter Schiff, and Alex Kruger, the founder of asset management company Aike Capital. Last month, Kruger believed BTC could plunge to $30K if the inflation stat returned unfavorably. Well, he isn’t far from the figure, as BTC is trading around $38k as of the time of this publication.
Schiff based his prediction on critical support levels. According to him, BTC would fall to $30k if it broke the support level of $42k. Like Kruger, the prophet of doom isn’t far from the mark. Bannister said the flagship crypto could decline to $10K by 2023, but that isn’t the most recent prediction.
Agreeing with the sentiments is the President of InTheMoneyStocks.com, Gareth Soloway, who is a little more optimistic about BTC price than Bannister. According to him, the OG crypto could nosedive to $20k.
Soloway Explains His Reasons
Soloway said that BTC is treated as a tech stock and wouldn’t be surprised if he sees a further price decline. The CFO sees himself purchasing BTC in the long-term as he expects it to plunge to $20k.
Bitcoin went past the $40k psychological level last Saturday. However, it couldn’t sustain the momentum amid the Russia-Ukraine war and Freedom Convoy protests.
RSI Report On Bitcoin
When examining the Relative Strength Index of BTC for the past two weeks, you would notice that the RSI was at its lowest on 21 February. The chart further explains that the RSI had maintained 45 since that day.
Currently, BTC is bearish, and judging by the chart, the chances of bitcoin staying in the oversold zone are higher in the short term. Plus, the market is in a state of panic amid the Russia-Ukraine crisis.
Fear and Greed Index puts this panic or fear at 26, which is red. While some investors are selling hastily, the long game players still hold on to their coins.
What the ATR Indicator Says
The ATR (Average True Range) indicator corresponds to the Fear & Greed Index and the current market situation. The indicator shows a relatively high volatility rate in the coin’s movement. Seeing this, Soloway said that the chances of BTC hitting the predicted $100k level are smaller now unless supply increases.
Soloway hinted that if BTC could overcome the resistance, it could rise potentially to about $50k in the short run. Meanwhile, the support level will stay at around $27k.
BTC has been shedding value since last November. Entering the new year, there were massive hopes that the king of crypto would turn a new leaf and kickstart a bull run, but the opposite happened.