Mr. Winklevoss also pointed out that Bitcoin’s underlying fundamentals, adoption, and infrastructure remain strong.
CZ also highlighted fundamentals as being crucial during both bull and bear markets.
However, Bitcoin remains in a bear market with room for further losses.
The Co-founder of the Gemini Crypto exchange, Cameron Winklevoss, believes that Bitcoin trading below $20k feels irrational.
According to Mr. Winklevoss, Bitcoin’s trading below the crucial $20k is illogical given that its fundamentals, adoption, and infrastructure are more robust than before. He shared his insights into Bitcoin through the following tweet.
Ok, bitcoin under 20k feels like an over-rotation. The underlying fundamentals, adoption, and infrastructure have never been stronger. We saw the irrational top. This feels irrational in the other direction.
CZ: Look for Fundamentals In Bull and Bear Markets.
In a similar tweet, the CEO of Binance, CZ, recommended that the crypto community look for fundamentals during both bull and bear markets. He said:
In bull market, look at fundamentals.
Also: In bear market, look at fundamentals. Well: Look at fundamentals.
Bitcoin Could Drop to $10k – Timothy Peterson.
Concerning value, Bitcoin and crypto analyst Timothy Peterson has forecasted a scenario whereby BTC drops to as low as $10k.
According to Mr. Peterson, Bitcoin’s fate is tied to that of the Nasdaq, which could drop by an additional 50% from its current value. Consequently, Bitcoin could fall to as low as $10k in the following months or years. His Bitcoin forecast of $10k can be seen in the tweet below.
A quick look at the daily BTC/USDT chart reveals that Bitcoin is again attempting to reclaim the crucial $20k support level after setting a local low of $17,622 – Binance rate.
Also, from the chart, Bitcoin is still in oversold territory, having deviated considerably from the 50-day (white) moving average. The daily MFI, RSI, and MACD also confirm the oversold situation behind Bitcoin’s attempt at reclaiming the $20k level.
However, caution is advised when going long on Bitcoin due to the correlation to traditional markets, as highlighted by Mr. Peterson above. As a result, the weekly close later tonight and Monday’s open in the Asian, European, and US markets will determine Bitcoin’s fate in the new week.