This Is Why Bitcoin Will Never Touch $10k, According to Analysts By CoinEdition
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© Reuters. This Is Why Bitcoin Will Never Touch $10k, According to Analysts- The crypto community is awash with predictions that BTC will hit $10k soon.
- A market analyst believes the popularity of this notion is a negative indication of such reality.
- Two years ago former Twitter CEO bought 4,709 BTC at $10k for his company.
There is a widespread notion within the crypto community that the price of the most-priced cryptocurrency, (BTC), will crash to the $10k price point before any significant bull rally. However, some crypto enthusiasts express deep skepticism about that ever happening.
IncomeSharks, a market analyst, contended that if the majority of the crypto community agrees they would buy BTC at $10,000, that is, in fact, a strong indication that Bitcoin would never plunge to $10k.
The commenter believes “more people will be buying and less will be selling.” And as per the laws of demand and supply, the price would shoot up instead.
Would you buy #Bitcoin at $10k? If your answer is yes you agree that demand increases at lower prices. Meaning more people will be buying and less will be selling (price goes up). Markets price in value and demand. People wanted to sell $BTC at $100k so we didn’t get there…
— IncomeSharks (@IncomeSharks) October 10, 2022
They also brought up the argument of how people expected BTC to hit $100k back in December 2021, but it never happened. IncomeSharks shared another interesting anecdote regarding the most popular meme token, . They said:
Remember how DOGE was going to $1? Who was going to buy at $.99, knowing everyone was going to sell at $1? So naturally, that trickled it down, and it peaked at $.75. If [BTC] gets to $10k, it means demand is gone, and something bad happened. Meaning the fundamentals changed.
Bitcoin currently trades at $19,351.25, with barely a 1% increase in the last seven days. Another crypto influencer on Twitter also opined that it is probably the last time we see BTC at $20k before the big nosedive to $10k.
Notably, two years ago, a financial service company led by the former CEO of Twitter, Jack Dorsey, bought 4,709 units of Bitcoin for $10k each.
The post This Is Why Bitcoin Will Never Touch $10k, According to Analysts appeared first on Coin Edition.
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© Reuters. This Is Why Bitcoin Will Never Touch $10k, According to Analysts- The crypto community is awash with predictions that BTC will hit $10k soon.
- A market analyst believes the popularity of this notion is a negative indication of such reality.
- Two years ago former Twitter CEO bought 4,709 BTC at $10k for his company.
There is a widespread notion within the crypto community that the price of the most-priced cryptocurrency, (BTC), will crash to the $10k price point before any significant bull rally. However, some crypto enthusiasts express deep skepticism about that ever happening.
IncomeSharks, a market analyst, contended that if the majority of the crypto community agrees they would buy BTC at $10,000, that is, in fact, a strong indication that Bitcoin would never plunge to $10k.
The commenter believes “more people will be buying and less will be selling.” And as per the laws of demand and supply, the price would shoot up instead.
Would you buy #Bitcoin at $10k? If your answer is yes you agree that demand increases at lower prices. Meaning more people will be buying and less will be selling (price goes up). Markets price in value and demand. People wanted to sell $BTC at $100k so we didn’t get there…
— IncomeSharks (@IncomeSharks) October 10, 2022
They also brought up the argument of how people expected BTC to hit $100k back in December 2021, but it never happened. IncomeSharks shared another interesting anecdote regarding the most popular meme token, . They said:
Remember how DOGE was going to $1? Who was going to buy at $.99, knowing everyone was going to sell at $1? So naturally, that trickled it down, and it peaked at $.75. If [BTC] gets to $10k, it means demand is gone, and something bad happened. Meaning the fundamentals changed.
Bitcoin currently trades at $19,351.25, with barely a 1% increase in the last seven days. Another crypto influencer on Twitter also opined that it is probably the last time we see BTC at $20k before the big nosedive to $10k.
Notably, two years ago, a financial service company led by the former CEO of Twitter, Jack Dorsey, bought 4,709 units of Bitcoin for $10k each.
The post This Is Why Bitcoin Will Never Touch $10k, According to Analysts appeared first on Coin Edition.
See original on CoinEdition
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