Noble Crypto Analyst Murad Mahmudov Says Bitcoin Price Could Drop A Lot Further
Bitcoin Price Could Drop A Lot Further
Over the course of the last day, there has been a bit of an improvement in the crypto market as there was a $1billion bounce which caused the price of Bitcoin to reach mid $3500. This comes at a time when many stakeholders have said that the best way for the price to maintain a fair level is for it to stay above $3,500. If it doesn’t, traders fear that it could drop to $3,000 and probably lower to about $2,000.
The State of the Bitcoin Market
It would seem that activity surrounding the use of the word “Bitcoin” on Twitter has dropped significantly and continues to drop. For over a year now, Bitcoin has not been as talked about on Twitter as it used to be. This might be a little troubling because Twitter is one of the most employed means of conversation and research for traders, developers and stakeholders in general. This was revealed by Murad Mahmudov, a popular crypto specialist.
According to him, the conclusion can be made that the reduced engagement on Twitter is a definite pointer to the fact that there is a general and growing disinterest among people and corporate organisations, even if those have spent quite a while in the sector.
Mahmudov has said:
“This screams bearish. Tweets about Bitcoin at the same level as 2014 and lower than at any point in 2016, like nothing has changed. That is an absolute disaster for the price in the medium-term in my opinion.”
The current bear market being faced by the crypto sector seems to be the longest one to ever plague the market in all its history. This, it is predicted, will cause investors to start to sell, especially if they don’t see any break on the horizon.
Murad Mahmudov believes that “you need a complete price exhaustion and attention exhaustion from anyone except the absolute true believers. More people will sell when they realize that this winter will last for even longer than they thought, or that they can potentially buy back in later & lower.”
Will The Market Improve?
Even though some individuals believe that the price will surpass $4,000 in the near future, they are only a small number while the larger percentage of people are not optimistic.
Mahmudov, however, believes that even though the bear market would last longer, people will still enjoy great prices in the future. However, he still maintains that there is a need for all stakeholders to accept the fact that BTC is extremely feeble and should be classified as very high risk.
“Add to all this, the overall weakness in the global macroeconomy & bitcoin still being perceived as a risk asset. This bear market will last for much longer. Those that are building, learning, studying right now, of course, will be handsomely rewarded in 2023/24.”