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Bitcoin (BTC) Price on Cusp of 40% Crash!

It has been observed that Bitcoin, one of the largest cryptocurrency by market value has improvised itself a bit since 21-11-2022, at the time it plunged to a two-year low of $15,480 because of the uncertainty about forthcoming of the Genesis, a Crypto-Financial firm. 

As per Coinpedia, on 23-11-2022, BTC was trading as high as $16,634, however as of press time, it has dropped back to $16,300 trend mark. The crypto market has witnessed the negative impact of the FTX collapse, while, at present, the primary question is across how much the Fed will raise its interest rates to fight inflation. The FOMC is anticipated to increase by just 50 basis points in December, which is a loss from the 75 basis-point raise from the past 4 times. 

The Calm Before The Storm 

The senior macro strategist at Bloomberg Intelligence, Mike McGlone, is establishing a new powerful price base for the drop in Bitcoin(BTC). In a recent interview, as per McGlone BTC's sharp decline from the previous support levels was an obvious direction that BTC was headed sharply lower and could decrease by around 40%. 

Above all these, he claims that any short-term sell pressure is not pointing of long-term weakness and that the cryptocurrency markets would likely bounce back. Coinpedia claims that institutional investors run a greater risk by avoiding crypto than by investing in it around a five-year time period. 

The Future of Bitcoin is Bright claims Novogratz

Mike Novogratz puts forward about his opinion about Bitcoin. He claims that the digital currency would endure the serious crisis and come out of it with flying colors. As per Novogratz prediction most of the tokens available in the crypto market would be lost and the only cryptocurrencies that are capable to survive this crypto winter are the ones that have some use cases in the actual world, in a recent interview along with CNBC

On the contrary, the bitcoin moghul acknowledged that the crypto market will not be able to rebound fastly and easily, considering that trust in the field requires to be restored. Moreover, by comparing FTX to the infamous Theranos biotech scam, he discredited Sam Bankman-Fried stating that he certainly committed things that were illegal. While, it has been said that Novogratz is certain that the failure of the second-largest exchange did not display a criticism of cryptocurrencies at large. As per his prediction Bitcoin's price might increase to $500,000 in only some years. 




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