Could Bitcoin Drop Another $10K. Analysts Weigh In.
19 May 2022, 08:00
Could Bitcoin Drop Another $10K? Analysts Weigh In
With the price of bitcoin dropping even further and further down (at the time of writing, the world’s leading digital asset is trading for just under $38,000), many are wondering what kind of rough factors await the crypto space.
How Much Lower Will Bitcoin Go?2022 has been a rough year for BTC and its altcoin cousins, especially when one considers the fact that roughly six months ago, the granddaddy of all crypto was trading for about $30,000 more than where it presently is. Now that the Fed has announced plans to potentially hike rates by as much as 50 basis points, some analysts believe bitcoin could fall to around $10,000… maybe even less.
This is a very dramatic drop, though it’s not implausible to assume this could happen not only because of the volatility that often comes with bitcoin, but also because the asset is now taking on more of a hedge form against inflation, which is at a 40-year high. These rate hikes are designed to control inflation, and with prices once again under control, bitcoin could find itself in a rather gray area.