Bitcoin Drops $33K, Predictions to Hit $10K This Year

Bitcoin Drops $33K, Predictions to Hit $10K This Year
  • Bitcoin dropped below $33K after a continuous plummet from $36K.
  • The downward pressure was due to increased interest rates imposed by the US Federal Reserve.
  • Economists and crypto insights predicted it will hit $10K this year.

The first cryptocurrency Bitcoin dropped below the $33,000 mark after falling by almost 6.9% in the past 24 hours and about 18.7% for the past seven days.

 According to the data from CoinMarketCap, the market capitalization of the largest cryptocurrency collapsed to less than $600 billion. Yet, that amount was sitting at more than $900 billion on March 28.

The downward pressure started after the US Federal Reserve disclosed that it would increase interest rates on Wednesday, disregarding the short gain seen in Bitcoin earlier last week.

Chief Economist & Global Strategist Peter Schiff shared in a tweet on Sunday that “Bitcoin is coming under pressure again” and “looking to form new support at $35K.” If the coin “failed to hold $36k,” he believes that “$33K will be the next challenge.” However, Bitcoin has already fallen below $33K, and is currently sitting in the $31K mark.

Schiff also predicted that if Bitcoin “breaks decisively below $30K, it seems highly likely that it will crash below $10K.”

As per the CoinShares Digital Asset Fund Flows weekly report, Bitcoin outflows the week prior to the previous run to $133 million, the highest since June 2021. This resulted in holders and investors pulling assets out of Bitcoin exchange-traded funds more than a week ago.

Crypto Insights Newsletter CryptoWhale tweeted that Bitcoin inflows to exchanges are up over 438% this week. The newsletter, which also predicted that BTC will hit $10,000 this year, revealed that whales are ready to dump.

Tags:
disclaimer read more

Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

Bryan is a gamer who became genuinely interested in crypto after his initial exposure to Play-to-Earn games like Axie Infinity and Pegaxy. He has basic knowledge of technical analysis and is keeping an eye out for interesting developments in the metaverse and GameFi space.