Here’s Why BTC Traders Fear More Lows Ahead!

This month could turn out to be the worst for Bitcoin as its price continues to fall. Bitcoin fell below the $19,000 level, a crucial support level for Bitcoin’s price chart. The crypto king is currently trading down 5.29% at $18,770. According to Dennis Porter, CEO and Founder of Satoshi Act Fund, Bitcoin (BTC) prices will end this month “very, very low.”

The recent crypto market crash continued its downtrend as the US Dollar holds with extreme strength. According to CoinMarketCap, the price of Bitcoin has fallen over 8% this week. Porter also revealed that the current economic system could be the worst macroeconomic situation ever to hit the market.

The strength of the dollar hurts Bitcoin

The king of swingers unexpectedly traded near the bottom line and has not broken above the $20,000 price level since June. One of the main reasons for the decline is the strength of the US dollar as the dollar continues its ascent to a new 20-year high.

US 10-year Treasuries also hit muscle strength. The dollar’s upward move caused turbulence in the NASDAQ 100 and S&P 500. As Bitcoin is a strong hedge for NASDAQ and tech-based tech stocks, stocks also hurt the bottom line.

However, some pundits have shown hope to investors by calling this phase drop boring. On this, Martin Leinweber, digital asset product strategist at MarketVector, said, “Bitcoin is not dead. It’s just boring at the moment, so traders are already looking for alternatives.

However, the dollar’s upward rally does not seem to stop here as the Fed’s stance may be more aggressive in the coming months. However, Powell thinks the Fed’s decision to increase dollar strength will help fight inflation.

Afraid of more inconvenience?

According to crypto experts, the price of Bitcoin may continue to decline and reach extremely low levels. A leading crypto analyst, Richard Heart, believes that BTC will fall to $11,000 before any surge in its price.

If Bitcoin’s selling pressure continues, we may see a next level of support at $17,500. Therefore, investors are advised to refrain from any heavy investment in Bitcoin for now.

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