Bitcoin faced a downfall from its strongest buy wall of $20,000 amid the bearish market trend. Crypto experts says we are in the bear market and it is a time to become rich.
At the time of writing this article, the price of Bitcoin is $19,105 and this price is down 8%+ over the last 24 hours.
3 days ago, $20k was the strongest buy wall for Bitcoin and many Bitcoin analysis revealed that it will be very hard for Bitcoin to fall below $20k but at the same time noted that if it will fall below then it will be a crucial situation for Bitcoin and not only for Bitcoin but also other leading cryptocurrencies like Ethereum, Cardano etc.
At the time of writing this article, the price of Ethereum also plunged below $10k, which was a strong buy wall for Ethereum. The current price of Ethereum is $992. So here we can say that both of these two coins are in a very critical situation.
Today popular Bitcoin critic and CEO of Euro Pacific Capital and SchiffGold, Peter Schiff, shared his opinion on the price of bitcoin and predicted that Bitcoin may touch $10k but it will be the last line.
Bitcoin critics indirectly hinted that people should remain to see Bitcoin for $10,000 shortly.
Possible reason behind Bitcoin’s downfall
However no exact reason is coming for this negative sentiment regarding the downfall in the price of Bitcoin but according to reports, it is all about the bearish trend, which was initiated by the historical US Federal Reserve interest hike, to reduce the 20 years high inflation.