Bitcoin has not been doing well after the crash. And many analysts, asset managers, firms and companies are predicting the imminent downfall of the currency. While some say that Bitcoin has already bottomed out at $28k, others believe it could go lower. There are many predictions ranging from the all-time high of BTC in 2017 that is around $20k to even $15k and $10k. And recently the asset manager Guggenheim that said Bitcoin’s bottom is at $15k has changed his statement to an even lower price.
Bitcoin’s bottom may be lower
First, the bottom that was said to be at $15,000 is now predicted to be between $10k-$15k. I don’t know what has changed in just a few days but yes Guggenheim partners have become more bearish on the price action of Bitcoin. Considering that they have about $270 billion in assets under management this is quite an important statement coming from their side. To back his statement regarding a lower level of Bitcoin it is also important to know that Bitcoin has crashed 70%-80% before too. So, if history repeats itself we are going back to levels between $10k-$15k.
According to me, the price has mostly bottomed out and even if we are speculating a lower price, anything below $20k is very unlikely. I think that the price might test the ATH of 2017 and go back up again. But you never know so if you are planning to invest the best option is to do a SIP that will help average your price.
Advice on investment
In case someone is looking to purchase BTC in lumpsum right now it will be better to wait. According to the CIO of Guggenheim partners, there is no reason to buy BTC right now. There is a very high chance that it is going lower and if you want to enter that will be a great point. Do note that even if you bought at the all-time high of BTC in 2021, there is nothing to worry about. Even now the asset manager Guggenheim has maintained their long term prediction between $400k-$600k for Bitcoin. In the near future, we might see ETF approvals from the SEC which will also help in the positive price action of Bitcoin.
What is your price prediction on Bitcoin’s bottom? And do you think that anything below $20k is likely? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.