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?
It's already visible that bitcoin is staying under 20k for a long time now.
I think it has a good possibility to hover around 40k if not 45k by the end of this year.
I think the lower lows of bitcoin pre-2023 would be around 15-16k US dollar.
I think the opposite, $40k target by year end is a pretty high expectation, even $30k is very unlikely and we will have a bottom of 15k-17k by 1Q 2023. Because then the Fed's interest rate will almost reach the maximum level if they continue to maintain an increase of 0.75-1% from now until the end of the year. Things will not get better while the Fed raises interest rates and the economy is likely to go into recession, Bitcoin and all other financial markets will only recover when the economy shows signs of recovery.