The crypto market continued its downtrend right after the merger ended. Bitcoin prices suffered heavy losses as they broke above the psychological price of $20,000. They even broke above the support price of $18,500 for a brief while before pulling back higher towards the current price of $19,000. Now that the support has been breached, can we conclude that Bitcoin price will soon reach $10,000? Let’s analyze in this Bitcoin price prediction article and assess whether the psychological price of $10,000 will be reached or not.

How did Bitcoin perform in 2022?

The year 2022 has been a wrong one for the entire cryptocurrency market. Bitcoin has specifically lost over 55% so far. Its prices have gone from the high price of $47,000 to the current price of around $19,000. Some hope was expressed in the crypto scene just before the merger, as crypto prices started to rise in anticipation of a general increase in the crypto market. However, as the prices did not move significantly as expected, many traders started selling their newly opened positions. This led to a heavy liquidation of crypto positions, which is why Bitcoin took a heavy toll.

BTC/USD 1-day chart showing BTC's performance in 2022
Fig. 1 BTC/USD 1-day chart showing BTC performance in 2022 – GoCharting

Will the price of Bitcoin reach $10,000?

It is clear that Bitcoin has strong support around $18,500. The current price is hovering around this price zone, although it has managed to break through it several times before. Bitcoin prices can easily fall towards the psychological price of $10,000, if BTC broke above $18,000 in the first place. This would lead to a total collapse in crypto prices, especially since Bitcoin’s dominance is currently around 40%.

Traders and investors should watch the prices below if they are breached and follow the price action of Bitcoin closely. Once a violation of the following occurs, it should trigger the following price:

  • $18,500
  • $18,000
  • $15,000
  • $12,000
  • $10,000

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