Bitcoin Price Prediction as Recession Fears Rise: Can BTC Reach $100,000 After Bear Market?

In the past few days, the price of Bitcoin has barely moved from its $19,000 level, mostly holding a tight range. On Oct. 12, BTC barely made a move and soared around 0.25% in the 24 hours.

Recession concern among investors is comparable to that expressed in 2020 when 75% of respondents expressed concern about a recession at the height of the epidemic.

Even in the midst of a severe economic downturn, a well-thought-out plan can greatly improve your ability to make sound financial decisions.

Advisor Authority survey points to recession fears

According to Nationwide’s annual Advisor Authority survey, released Monday, investors and advisers are concerned about the current macroeconomic situation. As a result, their optimism has plummeted considerably.

Investor confidence over the 12 months has fallen from 49% a year ago to 39%. Equally gloomy, financial advisers and experts are optimistic at 48%, down 15% from 2021. While 54% of investors anticipate more volatility in the next 12 months, their fear of a recession is a 20% higher.

It is frightening to see that 75% of investors are worried about a recession, just as they were in 2020 at the height of the epidemic. Financial advisors and experts are even more anxious: 82% expect a recession in 2022, up from 77% in 2020.

Therefore, investors are turning away from Crypto and stocks and heading towards safe haven assets due to fears of a recession.

The IMF lowers economic projections

On Tuesday, the IMF lowered its projections for global economic growth in 2023, citing as reasons Russia’s protracted war with Ukraine, widespread inflationary pressures and rising interest rates that increase borrowing rates for businesses and consumers.

The international funding body of 190 countries has lowered its global growth forecast for 2019 to 2.7% from 2.9% in July.

The International Monetary Fund (IMF) has not revised its growth forecast for 2022, which remains at a modest 3.2% but is still less than half the 6% growth seen in 2018.

According to the IMF chief economist Pierre-Olivier Gourinchas,

More than a third of the world economy will contract this year or next, while the three largest economies (the United States, the European Union and China) will remain stagnant.

According to the IMF forecast, more than a third of the world economy will experience two consecutive quarters of negative growth in the coming year. The United States and China, the world’s two largest economies, are experiencing slow growth, and major European economies are also facing economic headwinds. The United States and its Western allies have imposed crippling sanctions on Russia over Russia’s eight-month war in Ukraine.

The International Monetary Fund has lowered its growth forecast for the US economy this year from 2.3% to 1.6% due to economic uncertainties and the significant increase in consumer prices. As for the United States, the IMF forecasts a meager 1% expansion for 2019.

The International Monetary Fund projects a global rise in consumer prices of 8.8 percent in 2019, up from 4.7 percent in 2021.

Is volatility on the way? Inflows on Bitcoin exchanges skyrocket

Since the “whales” have apparently transferred a large amount of Bitcoin to spot exchanges, this situation could change soon. CryptoQuant, a well-known cryptocurrency analytics platform, reports a dramatic increase in deposits on spot markets.

Most of these transactions come from “whale” addresses that hold hundreds or thousands of Bitcoins and have been sending them to cryptocurrency exchanges.

A comment from a CryptoQuant analyst says the following:

It seems that the whales want lower prices for Bitcoin. When transferring from wallets holding 100 to 1000 Bitcoin in bulk to spot exchanges a while ago, the price could push further down and it could be a distribution to different wallets.

But on the negative side, I expect the negative scenario and take precautions.

Bitcoin Price Prediction: Can BTC Reach $100,000 After Bear Market?

According to Bloomberg Intelligence Senior Commodity Strategist Mike McGlone, the Bitcoin price prediction is bullish and will hit $100,000 by 2025, with the cryptocurrency market thriving as a “revived bull market.”

In his view, Bitcoin’s dramatic reversal is just beginning, McGlone argues. This bear market reflects the highest rate of inflation in four decades.

On Wednesday, the current price of Bitcoin is $19,145.43 and the 24-hour trading volume is $27.28 billion. CoinMarketCap currently ranks first, with a live market capitalization of $367 billion.

Bitcoin Price and Tokenomics – Source: Coinmarketcap

Technically, Bitcoin, the leading cryptocurrency, is trading sideways in a tight trading range of $25,666 to $18,630. On the weekly time frame, Bitcoin has repeatedly tested the triple bottom support of $18,650 but has yet to break below. of the. Bitcoin has formed a Doji on the weekly time frame, and the spinning candlesticks are supporting investor indecision.

Given the stronger than expected economic events in the United States, the Federal Reserve could raise interest rates in the coming months. With a rising rate, we may see further declines in demand for Bitcoin, eventually breaking below the $18,630 triple bottom support level and pushing BTC towards $12,835.
On the contrary, the Fed’s dovish policy, and once the economy comes out of recession, BTC may show some recovery.

Bitcoin Price Chart – Source: Tradingview

In this case, the increased demand for BTC could push the price up to a major resistance level of $25,666. Above this, the previously broken uptrend line may provide additional resistance near $32,330. That said, Bitcoin has the potential to hit $100,000, but this is unlikely to happen any time soon.

Alternative Cryptos – IMPT

With over $3.6 million raised since Oct. 3, the ongoing Impact Project Token (IMPT) pre-sale has received a lot of attention.

The Impact Project is an Ethereum-based carbon credit marketplace, making it a potentially profitable investment opportunity for ESG investors or anyone looking for the massive price increases that can accompany the initial listing of a new coin. . In addition, the Impact Project will provide users with tokenized NFT carbon credits as an incentive (to buy from green retailers).

According to the IMPT white paper, this addresses a number of issues currently plaguing the carbon credit market. These include selling credits twice, overcalculating credits, and not withdrawing credits correctly.

Visit IMPT today

Find the best price to buy/sell cryptocurrencies:

Cryptocurrency Price Tracker – Source: Cryptonews

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