While Bitcoin ($BTC) and altcoins continue their attempts at recovery, there are differing opinions on whether the market recovery will continue.
While some analysts predict the recovery is a bull trap and that Bitcoin will experience further declines, even falling to $10,000, one analyst disagreed.
At this point, the analyst stated that a nuclear war would be necessary for Bitcoin to fall to $10,000.
Speaking to Coindesk, Mati Greenspan, founder of Quantum Economics, stated that the possibility of Bitcoin ($BTC) falling to $10,000 is not realistic.
Greenspan argues that a massive event, such as a nuclear war, a global liquidity crisis, or an internet blackout, would be necessary for the Bitcoin price to fall this much.
Greenspan noted that analysts are often influenced by short-term macroeconomic changes, which can lead them to make absurd predictions.
“Analysts are often influenced by short-term macroeconomic fluctuations and tend to overinterpret them, drawing overly harsh conclusions.”
While Bitcoin’s daily trading volume ranges from hundreds of billions to trillions of dollars, its price cannot fall below $10,000 unless an extreme event occurs, such as a global liquidity crisis, nuclear war, or internet outage.
Greenspan concluded by stating that pinpointing the exact bottom of the market is difficult, but Bitcoin may have already completed its major bear market correction.
“Trying to pinpoint the exact bottom is very difficult. However, structurally, Bitcoin has already weathered the big bear market of 2022. We are currently seeing a pullback of about 50% from its all-time high, which is not unusual for Bitcoin.”
Based on recent price movements, we may have already hit the bottom.”
*This is not investment advice.