Bitcoin (BTC) has been struggling to keep its bullish momentum over the past week, and many traders now believe that a retrace is due. While some experts are calling for more gains in Bitcoin, others say BTC will likely fall back to $16-20k again before the end of 2022.
While many crypto traders were long expecting a “Santa rally” for Bitcoin (BTC) and other top crypto assets, the events of the past week have made some of them start questioning whether this bullish momentum is actually a sign of a bubble waiting to burst.
As prices struggled to climb above $20k, trader DooMAD recently tweeted about how his previous prediction about BTC’s bottom being at $5k has now been proven correct. The trader also noted that he expects another bull run in 2022, when miners will be able to mine new coins again after their stockpiles run out.
BTC Price Needs To Go Up
While there are still those who believe that the price could go even higher before eventually dropping back down below $10k again, others have pointed out that it is unlikely that BTC will ever see its all-time high value again—partly because there would not be enough room for everyone who wants in on cryptocurrency trading if prices go much higher than they already are today.”
James Todaro, managing partner at Blocktown Capital, is not convinced the time has come to buy in just yet.
Todaro told Cointelegraph that he believes it’s too early for investors to jump in on Bitcoin (BTC) and Ethereum (ETH). However, he does see a promising future for both cryptocurrencies if they can manage to get through their current bear markets.
The statistics show that BTC has made gains over the past week, but it has struggled to maintain its upward momentum. As it stands now, there are many traders who are looking to buy in just as the price drops below $20,000. However, the question remains whether this will be enough incentive for them to do so before putting their money into another altcoin instead.
