A Lot of damages have been done to Bitcoin in 2022, which is partly due to the economic woes of the world and high inflation plaguing global markets among other factors. The Crypto has been holding its ground tightly above the low of June 2022.
My question is, will Bitcoin hold the rest of this year above the low of June at 17625.00 or the level will be breached before 2023?
If we look at the last 90 days chart, it can be seen that the price of Bitcoin was between $21000-$22000 and has remained at the same position till today. Bitcoin price will not change during this crypto winter. There is no chance of Bitcoin price going below $17500 and on the other hand there is no chance of going above $25000 within this year.
I also believe bitcoin will not go above 25k this year but if we talk about bitcoin has hit a low I don't think so. In my view, when it comes to the effects of events like the energy crisis or inflation, things are much worse. With the release of the US CPI index yesterday, showing that inflation has not shown any signs of decreasing, the reduction is considered insignificant for the Fed not to raise interest rates too high. If interest rates rise as expected up to 1% later this month, that will be news that sends all markets in the red and we could hit new lows from there.