Will the BTC Price drop to $12,000?

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The crypto market saw a $170 billion market cap decline this week after Bitcoin (BTC) and Ether (ETH) slumped Monday (19/09/2022). The price of BTC is below US$20,000 and is at risk of going deeper this month.

The global crypto market cap stood at US$970 billion as of Tuesday (20/09/2022) and is seeking to climb back above US$1 trillion. The price prediction for BTC is a bitter pill for investors to swallow in 2022.

BTC Price Could Be Lower Again?

The US Federal Reserve will meet on September 20 and 21 to solve the problem of rising inflation. The outcome of this meeting is expected to have a major impact on the capital and crypto markets.

Despite the sluggish crypto market for the last nine months of 2022, BTC and ETH are seen as yet to form a bottom.

Crypto analysts have not been able to determine the lowest BTC and ETH prices as the crypto market is involved in an uncertain global macroeconomic complex.

Gareth Soloway, Head of Market Strategy at InTheMoneyStocks.com, predicts Bitcoin could enter one stage deeper than the price of US$19,500.

In an interview with publisher Stansberry Research on Tuesday, Soloway said BTC would fall even more sharply to reach a price of US$12,000.

“I think BTC could move down to $12,000 or $13,000," the strategist explained. He explained, BTC may decline due to the US dollar (USD) which shows strengthening compared to risk asset classes and other currencies.

According to Soloway, whenever the USD increases, BTC and crypto altcoins will decline.

He added, “As the USD continues to stay above its 20-year high and strengthens further, it kills all risk assets. Every time the USD strengthens one step, the opposite will happen for the BTC price chart.”

In addition to Soloway, Watcher Guru reports, Hex founder Richard Heart also predicts BTC will decline to US $ 11 thousand.

Currently, BTC is priced at US$18,949, a 2.8 percent decrease in the last 24 hours. This number one cryptocurrency asset has slumped 72.6 percent from its all-time high of US$69,044 hit in November 2021.

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