Over the past couple of months, Bitcoin price has been dealing with a narrow trading range trying its best to make a full recovery after plummeting into a series of dips.
- Bitcoin repeatedly failed to move past the $25K mark
- Almost 22,000 predicted its price to soar next month
- Worst-case scenario for Bitcoin involves trading price of $11,000
The largest cryptocurrency by market capitalization had repeated attempts to move past the $25,000 mark but has been unsuccessful so far.
Just this Tuesday, Bitcoin managed to have a mini rally, climbing all the way up to trading price of just above $23,300.
That spike was short-lived though, as the digital asset immediately had a price correction. As of this writing, tracking from CoinGecko showed Bitcoin changing hands at $18,746.
It is already doomed to end the month of September with a price that is over 50% lower than what it had during the same month last year.
Both traders and investors are taking into account the volatility that is known to hound the crypto space in gazing into Bitcoin’s immediate future.
According to members of the CoinMarketCap crypto community, the subject digital currency could be looking at a price increase of more than 13% by the end of October 2022.
That would put Bitcoin price at $22,857 which is significantly higher than its current level.
Source: CoinMarketCapA total of 21,873 users voted for the Bitcoin price prediction, according to data from CoinMarketCap.
As optimistic as this may sound, it could be an indication that investors have already given up on the ridiculously bullish forecasts about the top cryptocurrency and that they have already come to terms with its recent unimpressive performance.
Worst Case Scenario For BitcoinBack in January 2022, crypto billionaire Mike Novogratz seemingly foreshadowed the struggles that both investors and the cryptocurrency market are experiencing.
Back then, using his Twitter account, he said, “This will be a year where people realize being an investor is a difficult job.”
During that time, Bitcoin was on a better shape, trading around $36,000. Its closest rival, Ethereum, was changing hands at the $2,500 levels.
But since then, the crypto market plunged into a deep dive, with the crypto leaders losing almost 55% of their respective values.
With the full blown “bottoming out” still looming around crypto space, some fear there’s a possibility Bitcoin could drop to $11,000.
BTCUSD pair trading at $18,656 on the daily chart | Source: TradingView.com Featured image from Crypto Insiders, Chart: TradingView.com
