The price of Bitcoin closed above $34,000 in the last 24 hours. At the time of writing this article, BTC is at $34,115. Despite the weakness in altcoins, BTC is holding higher levels, which is giving hope to investors. Moreover, there have been some positive developments while the impact of the macro winds is decreasing. However, there are also those who are expecting a decline despite all of this.
Famous Crypto Analyst’s Prediction
Polish crypto expert Rafal Zaorski has made a controversial prediction on his social media account. While everyone prefers to remain cautious, Rafal says that the price of BTC will drop below $35,000 by the end of the year, despite the possibility of a major defeat. Zaorski argues that the recent increase in BTC price is not the beginning of a bull run.
A few years ago, Rafal Zaorski became known as a “leading speculator” in Poland. By clearly showing how he made millions of dollars, he further increased his popularity. Amidst the optimism that the approval of the Spot Bitcoin ETF is approaching, he is now going a step further and opening a short position for the price he expects to fall.
The analyst, assuming that the decline he says will start soon will intensify with a loss of $33,800, said, “I will laugh at those who expect a rise.”
Will Cryptocurrencies Fall?
While Rafal expects a decline, another popular analyst, Phil Konieczny, argues that it is not a good option to stay out due to cyclical movements. Indeed, in 2020, before the start of the bull season, many investors were expecting deeper bottoms, but the rise began and they were left out.
Konieczny says that there are only 185 days left until the halving event, and after this event, the price will reach historically higher peaks.
“I wrote this article to make greedy people realize that it is not worth waiting for 8, 10, or 12 thousand. It was said that there are cyclical, temporal, and percentage declines. The next day, it started to grow. Many people criticized me, some have already deleted their comments. So, I have a question. Are you still waiting for 10,000?”
So, will Bitcoin reach $10,000? If the right conditions are met, it may even reach zero dollars, but what is the probability of that happening? Capo and many other popular traders consider it a high possibility, while others see it as a fantasy.
