Bitcoin: a bottom at $12,000?

Bitcoin is slowly recovering from a difficult weekend. Nevertheless, according to an expert, the first cryptocurrency could still fall. This time it would be good news.

The bottom could be reached shortly

Speculation is rife about the price of Bitcoin. After a catastrophic weekend which will have plunged the small orange coin below 18,000 dollars, the latter remains as unstable as ever.

Nevertheless, it could be that the fall continues quietly. American presenter and investor Jim Cramer thinks that Bitcoin is not yet out of the woods. Indeed, the small orange coin could suffer a new fall in the days to come. Far from predicting a return to $8,000, Cramer sees the possibility of stabilization around $12,000.

But this time, the news would be to be taken with enthusiasm. For him, the coin couldn’t really go any lower. A low would therefore form around this value to allow the cryptocurrency to regain color. The $12,000 is a symbolic sum since when Bitcoin was still worth that amount, the crypto was not yet rife with profit and wanted it. In other words, the small part would return to its original state and values. Stripped of these two weights, it could be esteemed and break records.

I think Bitcoin will fall all the way to $12,000 where it was before this whole fiasco started. In any case, I think people involved in Bitcoin must see things differently, we can no longer accept crypto.

Excerpt from Jim Cramer’s intervention for CNBC

Source: Squawk Box Twitter account

What if the bottom was now?

Despite everything, a small rise remains visible on its price and the token continues to hold around 21,000 dollars.

Source: Bitcoin price weekly chart by CoinMarketCap

The trend has something to relax Bitcoin enthusiasts who have been hard-hit by the last two weeks. While Jim Cramer warns the population of a new fall, other experts have estimated that the situation could never be worse. Indeed, according to the director of the Swiss Bitcoin provider, Giles Keating, the first cryptocurrency has already hit rock bottom. The phenomenon would have simply formed while the token fell below $20,000. The value of Bitcoin could therefore rise slowly but surely in the days to come.

For me, we have come to a point where recovery and excessive leverage have finally been shut out of the crypto sphere. We can start to see a Bottom forming. Some say we may not be there yet, but in my opinion, the big bounce we are seeing in Bitcoin price indicates that the worst is over. The wave of major liquidations therefore seems to be over, even if we are not immune to another small downturn in the future.

Extract from the intervention of Giles Keating for CNBC

Despite everything, the feeling of negativity emerging from the market remains very present and nothing is decided yet. We will probably have to wait a few more days to find out which of the two experts will have been right. Bitcoin’s price seems to be doing better but it still remains volatile and is not immune to another wave of fierce trading. With every rise in value usually comes the craze of profit and many users resell the contents of their crypto wallet instead of waiting. The crypto sphere is therefore holding its breath awaiting confirmation.

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