Bitcoin at $8,000 and Ethereum at $420: Analysts Predict a Sharp Drop in Crypto

An examination of the price charts reveals what many analysts of financial markets believe to be a foregone conclusion, namely, that the value of cryptocurrencies will unavoidably drop in the near future.

Cryptocurrency is All the Way Down

Since the end of March, when its price was $48,000, Bitcoin’s price has been going down, and despite the fact that there are occasional bounces (on May 12, the rate fell to $27,000 and then rose to $29.58,000), the main rate is still bearish. Bitcoin’s price has been going down since the end of March, when its price was $48,000.

This becomes abundantly clear when viewed against the backdrop of the indicator that took place approximately six months ago. At that time, the price of the first cryptocurrency reached an all-time high of $69,000. This fact is especially evident when viewed against the backdrop of the indicator that took place approximately six months ago.

The Predictions and Analysis

Along with the value of Bitcoin, the most popular alternative cryptocurrencies are experiencing a decline in their respective markets. On May 12 during the day, the price of Ethereum reached a daytime high of $1,800, marking the first time since the summer of 2021 that it had dropped to a lower level.

During the same time period, the cost of Binance Coin dropped by 26 percent, while the prices of XRP and Solana both fell by 28 percent and 35 percent, respectively. There has been a current decline of 18.5 percent in the overall capitalization of the cryptocurrency market, which is equivalent to a level of $1.2 trillion.

According to Forbes, the positions of billionaires who have invested in digital currencies have been noticeably shaken as a result of the decline of the crypto market over the course of the past two months. This decline occurred against the backdrop of the aforementioned two-month period.

Experts Say

Since March 11, therefore, Changpeng Zhao, the founder and head of the cryptocurrency exchange Binance, has lost $ 37 billion, Sam Bankman-Fried, the founder and head of FTX, has lost $ 3 billion, and it is now estimated that his fortune is $ 21 billion, and Brian Armstrong, the head of Coinbase, has lost $ 4.4 billion. All estimates are, at best, close approximations due to the highly volatile nature of the market and the fact that daily fluctuations can be as high as tens of percent.

According to the projections made by Chart Watcher 22V, the value of Ethereum may drop by an additional 80 percent after Bitcoin. Bloomberg.com and the well-known financial analyst Peter Schiff have shared their predictions for the future of the most important cryptocurrencies.

The chief executive officer of Euro Pacific Capital, Peter Schiff, mentioned on Twitter that a “double top” and peaks that he referred to as a “head and shoulders” appeared on the chart as a reflection of the spikes in the price of Bitcoin. He said that these patterns were caused by the spikes in the price of Bitcoin.

He stated that these patterns pointed to a “buying opportunity” in the market. Schiff is of the opinion that the combination of these two factors demonstrates that Bitcoin is positioning itself for a decline in the near future. Schiff anticipates that the price of Bitcoin will plummet from its current level of $30,600 to a price of $8000 in the near future.

Should You Believe in These Prognosis?

It is common knowledge that Peter Schiff is skeptical of cryptocurrencies like Bitcoin and ethereum. He has maintained, ever since the inception of cryptocurrencies, that they are unable to function as a method of exchange, and that they represent a speculative bubble in the financial market that is destined to burst. This is due to the fact that he believes that fiat currencies will eventually replace cryptocurrencies as the dominant form of currency.

Since reaching a record high in November, the market capitalization of Ethereum, which is the second-largest cryptocurrency after Bitcoin’s, has decreased by approximately 60 percent, according to the observations of another researcher named John Rock of 22V Research. According to him, this is not the end, and at some point in the future, the value of Ethereum may drop by another 80 percent. He believes that this is not the end. Consequently, its lowest possible price will be close to $420, despite the fact that the cryptocurrency is trading at $2,000 at the moment.

High Hopes

Conservative analysts continue to assert that cryptocurrencies do not yet have any intrinsic value, and that the prices of cryptocurrencies are solely determined by investors’ confidence in the industry’s potential for future expansion. In other words, cryptocurrencies do not yet have any value that can be measured in and of themselves.