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Bitcoin More Likely to Drop to $10K Than to Hit $30K Again According to Experts

After losing more than 50% of its value in 2022, Bitcoin has been more or less stable in July. Sans few drops to $19K, the world’s most famous cryptocurrency, has done a good job of staying above $20K. However, experts think this doesn’t mean that Bitcoin weathered the crypto crisis.

According to Michael Safai, managing partner at trading firm Dexterity Capital, the crypto investors should brace themselves for seeing Bitcoin approaching $10K rather than hoping it will hit $30K again.

Speaking with Fortune, Safai said that the price of Bitcoin will depend mostly on the macroeconomic situation in the future but that “it’s easier to fathom Bitcoin hitting $10,000 than $30,000.”

Economist Ryan Shea of the trading platform Trakx agrees that Bitcoin and the cryptocurrency market are far from being in the clear.

“It is too soon to sound the all-clear on the crypto winter,” Shea shares.

Investors themselves also believe tougher times are around the corner for Bitcoin. In a recent survey by MLIV Pulse, which saw 1,000 crypto investors take part, close to 60 percent of respondents said they think Bitcoin will more likely hit $10K than return to $30K.

Bitcoin hit its lowest point this year in mid-June, trading for 18,948.80 at one point. It is currently at $20,964.60 compared to $47.733.40 per coin in early January.

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