Crypto Hotshots 2022 🔥♨️

Twitter Instagram Facebook Facebook Linkedin Youtube Spotify Medium Reddit Telegram
Voice of Crypto
  • VOC Explained
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Press Release
    • Sponsored
    • Global Crypto Events
  • Services
    • Content Marketing Services
    • Crypto Influencer Marketing
    • Advertise With Us
  • Know Us
    • About Us
    • VOC Team
    • VOC Vigilantes
    • Brands Who Trust Us
    • Contact Us
Reading: Here’s Why Bitcoin Expert Fears Extreme Lows
Share
  • bitcoinBitcoin(BTC)$28,169.00
  • ethereumEthereum(ETH)$1,808.99
  • tetherTether(USDT)$1.00
  • binancecoinBNB(BNB)$317.00
  • usd-coinUSD Coin(USDC)$1.00
  • rippleXRP(XRP)$0.53
  • cardanoCardano(ADA)$0.399091
  • staked-etherLido Staked Ether(STETH)$1,805.57
  • dogecoinDogecoin(DOGE)$0.075731
  • matic-networkPolygon(MATIC)$1.09
  • Events
  • Videos
  • Podcast
Voice of CryptoVoice of Crypto
Aa
  • VOC Explained
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Press Release
  • Services
  • Know Us
Search
  • VOC Explained
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Press Release
    • Sponsored
    • Global Crypto Events
  • Services
    • Content Marketing Services
    • Crypto Influencer Marketing
    • Advertise With Us
  • Know Us
    • About Us
    • VOC Team
    • VOC Vigilantes
    • Brands Who Trust Us
    • Contact Us
Follow US
Copyright © 2023 Voice of Crypto. All Rights Reserved
Voice of Crypto > News > Here’s Why Bitcoin Expert Fears Extreme Lows
News

Here’s Why Bitcoin Expert Fears Extreme Lows

Adekunle Joshua
Last updated: 2023/03/25 at 5:40 PM
Adekunle Joshua Published September 7, 2022 March 25, 2023
Share
VOC, Voice of Crypto, Bitcoin

Bitcoin prices have been on a steady decline for the past few months. The market is crashing hard as the dollar continues to show extreme strength. Many experts predict that Bitcoin will go to extreme lows if it continues to fall. Dennis Porter, CEO and founder of Satoshi Act Fund, believes that BTC prices will go “very, very low.”

Contents
Dollar Strength Sinks BitcoinWill Miners Repeat “History”Who Is Selling BitcoinHow Low Can BTC Go

Dollar Strength Sinks Bitcoin

Crypto markets are crashing hard as the dollar continues its upward trend. Bitcoin has fallen close to 6% in the last 24 hours and over 8% in a week. Porter believes that the current economic environment is one of the worst macroeconomic conditions in a lifetime.

The US dollar continues to strengthen as it hits a fresh 20-year high, and this time the reason is the anticipation of an aggressive stance from the Fed. The Treasury bill also strengthened in response, with more investors betting on low rates for longer periods. The dollar’s run led to a selloff in the S&P 500 and NASDAQ 100.

Bitcoin, which has been highly correlated to tech stocks and the NASDAQ exchange lately, dropped dramatically.
The dollar’s rise has gone from strength to strength this year, with no indication that it will slow down soon. Bloomberg recently reported that the Federal Reserve might become more aggressive with its rate hikes.

The hope is that the current Fed Chairman of the Board, Jerome Powell, will follow in Paul Volcker’s footsteps and tighten monetary policy. Volcker’s stance on inflation led to a recession in the US economy.

The Fed’s quantitative tightening is likely to continue, which means that the dollar has a chance at new heights. To help fight inflation, Powell announced that he would like to see the dollar’s strength increase even more.

Will Miners Repeat “History”

Although the overall revenue of Bitcoin miners has shown signs of improvement after two months of falling into a “stalemate.” But the pressure is discharged from the top of the largest BTC miners in Vietnam. The US has quickly returned, leaving investors extremely bewildered at this susceptible period, especially when Bitcoin suddenly plunged to $18,500, causing the entire market to collapse before The Merge.

Because miners are always considered one of the last “lines of defense” to support the price of Bitcoin, if this “wall” breaks, it will form a dangerous sign for BTC. Returning to May 2022, when miner revenue recorded its worst drop this year, they reacted by repeatedly pressuring Bitcoin whales, creating a massive sell-off one month later, selling 100% of BTC output.

The above action from miners has quickly pushed BTC to lows below $18,000. So the question arises: with the BTC price movement falling around $18,700 at the time of writing, will miners still have enough “patience” to once again cope with difficulties?

1H chart of Bitcoin /USDT price
1H chart of BTC/USDT price | Source: Binance

Who Is Selling Bitcoin

The first is Core Scientific. According to the activity report just published, Core Scientific produced 1,334 BTC in August 2022 and sold 1,125 of it, raising about $25.9. This means Core Scientific accepts to sell more than 85% of Bitcoins mined.

From the above move, it can be judged that Core Scientific has made an effort to issue up to $100 million of shares to enhance the company’s liquidity. It seems that it wasn’t enough to help Core Scientific get through the current situation. Therefore, selling off the majority of Bitcoin is the only solution.

Next is Riot Blockchain, which produced 374 BTC in August 2022. However, Riot sold 350 BTC, about 93% of this output, to earn $7.7 million. As of August 31, 2022, Riot held approximately 6,720 BTC, all of which were generated by the company’s self-mining.

How Low Can BTC Go

Experts believe that bitcoin dominance is currently at support levels. If it continues to fall, this might become one of its lowest points in history. Richard Heart, one of the most influential crypto influencers in this industry, believes that Bitcoin will fall to $11,000 before any upward movement.

The upcoming September 13th consumer price index (CPI) data is all anyone can talk about these days. Favorable economic data may cause the Fed to pull back on its hawkish activity and lead bitcoin prices upward.

Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)

 

 

You Might Also Like

SEC Head Gensler Seeks $2.4B to Fight Crypto Corruption

MetaMask Issues Warning on Fake Airdrop Rumors

3 Bearish Price Indicators Every Bitcoin Trader Must Know About

Bitcoin, Ethereum Price Analysis: Bulls or Bears, Who Wins?

9 Proven Ways to Secure Your Crypto Portfolio

TAGGED: Bitcoin, Blockchain, Crypto Exchange
Share this Article
Facebook Twitter Email Copy Link Print
Previous Article VOC, Voice of crypto, Ethereum Ethereum Price Drops Massively after Bellatrix Upgrade, Is It ETH Merge Disaster?
Next Article Ripple Lawsuit Ripple Teases More CBDC Announcements, Will It Pump XRP Price Action
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Binance

Follow US

Find US on Socials
Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Subscribe to our Newsletter

Get Newest Articles Instantly!

Ledger
Popular News
Web3 Shorthand
Web3 Shorthand: A Glossary for Crypto Newbies
Gary Gensler SEC US Crypto
SEC Head Gensler Seeks $2.4B to Fight Crypto Corruption
Quick-Tips-To-Avoiding-A-Fake-Crypto-Wallet
Quick Tips To Avoiding A Fake Crypto Wallet

Follow Us on Socials

We use social media to react to breaking news, update supporters and share information

Twitter Instagram Facebook Facebook Linkedin Youtube Spotify Medium Reddit Telegram
Voice of Crypto

Voice Of Crypto hits a beat with almost 15 million users, churning out the best news and content in the Web3, crypto and blockchain space

Subscribe to our newsletter

You can be the first to find out the latest news and tips about trading, markets...

  • Advertise With Us
  • About Us
  • Privacy Policy

Copyright © 2023 Voice of Crypto. All Rights Reserved

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?