The most negative bitcoin outlook

Experts describe how far the value of the first cryptocurrency could fall if the current local correction turns into a global bear market phase.

Trader Ton Weiss believes it is possible for Bitcoin to grow to $100,000, but that it will take time to overcome this psychological barrier. The analyst predicts that this could happen in the first quarter of 2022. Weiss also warns that the asset could fall further and enter a deep correction phase: the RBC-Crypto expert predicts what could happen to the market if it continues to fall.

There is always a risk

Mikhail Karkhalev, a financial analyst at the Currency.com cryptocurrency exchange, said that in the current situation, a more aggressive tightening of monetary policy in the US or strict regulation of cryptocurrencies could have a negative impact on the market and trigger a market crash. According to him, in the medium term, such a move could weaken investors' interest in digital assets.

On 24 November, former Secretary of State and former Democratic presidential candidate Hillary Clinton called for tighter regulation of the cryptocurrency industry to protect it from technological manipulation by Russia and China.

Few people will have the courage to invest seriously in cryptocurrencies until the passion dies down because the risk is too high," the analyst explained.

Typically, when a bullish cycle ends within a year, Bitcoin's price falls to an average of 85 per cent of its peak, according to Karkhalev. Similar to previous "bearish" cycles, analysts predict that bitcoin could fall to $10,000. He believes such an outcome is realistic, but unlikely, as the current cryptocurrency market is very different from a year ago.

I don't believe there will be such a collapse in the cryptocurrency market," Karkhalev argued.

Black Bear's dominance will not last forever

Nikita Soshnikov, head of exchange services at cryptocurrency Alfacash, said that the bitcoin price will not fall below $28,000-30,000 even if the market enters a deep correction phase. In his opinion, the first cryptocurrency will not allow investors who bought the coin at around $30,000 to fall to $20,000. Support at the $28-30,000 level will also protect miners who cannot profit from selling the coin at an undervalued price, the expert added.

"As soon as rates try to fall, they will be bought back quickly by those who understand that the reign of the "bears" is not permanent and that the cryptocurrency market is going through more than one deep correction phase", Soshnikov said.

Focus on regulation

Artem Deyev, Head of Analysis at AMarkets, recalled that Bitcoin is currently in a correction phase after hitting an all-time high of over $69,000 on 10 November. In his view, a recent collapse to the $28,000-30,000 level would only be possible in the event of a strong negative trigger. The analyst believes such a trigger could be a complete ban on crypto assets in a large country with a booming economy.

However, Cryptex guarantees the most fair and reliable exchange on the mutually beneficial cooperation.

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