The Bitcoin market is seeing really a hard time. In fact, after briefly crossing the $25,000 mark, the BTC price has kept dropping rapidly. At one point in time, the BTC price went below the $20,000 mark. In fact, at the time of writing this article, the price of Bitcoin stands at $21,518. Therefore, it seems that BTC is gaining back its price, amidst a bad bear market run.
However, things might not be that easy for the crypto coin, as the crypto winter approaches. In fact, this crypto winter of 2022-23, is causing enough headaches among investors, EU citizens and politicians. To add to their worries, FlibFlib, creator of trading suite DecenTrade stated that the price of BTC might drop down to $10,000 during the crypto winter.
If you wish to know what exactly FilbFilb stated, then this article is the perfect stop for you. Keep reading this article to know more about the predictions.
The BTC Price Predictions By FilbFilb
The creator of the trading suite DecenTrade, FilbFilb, recently attended an interview with Cointelegraph. In that interview, he stated that the BTC price might drop to $10,000 in 2022. In fact, the energy crisis in Europe has placed a tough challenge on the crypto market. According to him, the fate of the industry depends on how diplomacy can win out to avoid a major emergency in 2023.
The lowest price of BTC was during the year 2018. In fact, then also FilbFilb correctly predicted the $3,100 mark.
In the interview with Cointelegraph, he stated that there is a heavy correlation between the BTC price and the “legacy “ markets. He added that the Fed’s policy has placed the NASDAQ under heavy pressure. According to him at present, the volume base is at $11,000. Therefore, the range between $20,000 and $10,000 have not much previous history.
In addition, he stated that the fate of BTC depends much on how Europe handles the crypto winter. As per him, this winter is going to be really a bad one. The BTC price might be in the $10,000-$11,000 range.
FlibFlib also added that the current cycle is different from the previous bear market of 2018. So, the situation is also different. Justifying his “Q1 rally seems really obvious” comment, he stated that the bear market for BTC lasts for 1000 days. This will be, according to him, the Q1. On the other hand, much depends on how Europe negotiates this winter.
However, he avoided giving any detailed comment on the Ethereum merge. He only stated that time will provide the best answer. He also added that the reduction in emission might catalyse the value.
FlibFlib also admitted that he predicts a bullish tendency for Ether. However, he also prioritizes the CPI data. Moreover, he is also surprised by the way in which the neglection of providing funding resulted in the 3AC collapse. However, he is not that surprised by the corner cutting.
He also agrees on the point that the Fed might drain more dollar liquidity through QT, this September. According to him, the Fed will hike the rates. However, as per his view, whether this will affect the BTC price in 2023, depends on the crypto winter in the EU.
That is all about FlibFlib’s view about the price drop of BTC in the coming crypto winter. Stay tuned for further updates.