Over the past couple of months, the price of Bitcoin has been dealing with a narrow trading range trying its best to fully recover after plummeting in a series of declines.
- Bitcoin repeatedly failed to break the $25,000 mark
- Almost 22,000 predicted their price would rise next month
- The worst case scenario for Bitcoin involves a trading price of $11,000
The largest cryptocurrency by market capitalization has made repeated attempts to break above $25,000, but has so far been unsuccessful.
Just this Tuesday, Bitcoin managed to stage a mini rally, rising to a trading price of just above $23,300.
However, this rally was short-lived as the digital asset immediately had a price correction. As of this writing, tracking from CoinGecko showed Bitcoin changing hands at $18,746.
It is already doomed to end the month of September with a price more than 50% lower than it was during the same month last year.
Image: CryptoGazette
Bitcoin price prediction for next month
Both traders and investors are taking into account the volatility that is known to haunt the crypto space when looking at the immediate future of Bitcoin.
According to members of the crypto community CoinMarketCap, the underlying digital currency could be looking for a price increase of more than 13% by the end of October 2022.
This would put the Bitcoin price at $22,857, which is significantly higher than its current level.
Source: CoinMarketCap
A total of 21,873 users voted for the Bitcoin price prediction, according to data from CoinMarketCap.
As optimistic as this may sound, it could be a sign that investors have already given up on the ridiculously bullish forecasts for the major cryptocurrency and have come to terms with its recent unimpressive performance.
Worst case scenario for Bitcoin
In January 2022, crypto billionaire Mike Novogratz seemed to foreshadow the struggles both investors and the cryptocurrency market are experiencing.
Then, using his Twitter account, he said: “This is going to be a year when people realize that being an investor is a tough job.”
During this time, Bitcoin was in better shape, trading around $36,000. Its closest rival, Ethereum, was changing hands at the $2,500 levels.
But since then, the crypto market took a deep dive, with the crypto leaders losing nearly 55% of their respective values.
With the total “final source” still around in the crypto space, some fear that there is a chance that Bitcoin will fall all the way to $11,000.
BTCUSD pair trading at $18,656 on the daily chart | Source: TradingView.com Featured image from Crypto Insiders, Chart: TradingView.com
