The year 2022 started off on the wrong foot when Bitcoin crashed to $38,000 and dragged down the entire cryptocurrency market. The drop wiped out most of the gains made last year, as several currencies traded -50% from their all-time highs. With uncertainty already looming, the war between Russia and Ukraine caused another drop last month, causing BTC to fall to $38,000 again.
The market is sending mixed reactions today as Bitcoin is trying to break above the $39,000 mark. However, BTC is being rejected at $39K, causing it to drop to $38K during today’s trade. The swinging price is affecting the entire market with flashes of both red and green in today’s indices.
The war between Russia and Ukraine adds to the burden of the financial crisis for both the stock and crypto markets. There is no bullish trend on the horizon and experts are predicting that being an investor will be tough in 2022. The market has been a mixed bag of emotions this year and is testing the patience of day traders and long-term holders.
Bitcoin prediction during the period of conflict between Russia and Ukraine
Financial expert John Squire, a partner at Ojamu, an AI and Blockchain powered platform, spoke exclusively and predicted that Bitcoin could drop to $32,000 during the conflict between Russia and Ukraine.
“Bitcoin will drop to $32,000 and then rise to $40,000 and remain stable at $44,000 during the conflict between Russia and Ukraine”, Squire said. Continuous: “We will see another big correction (during the conflict period) that could see BTC drop to $32,000.”
Squire predicted that the last quarter of 2022 could be profitable and that most cryptocurrencies could skyrocket. He continued: “Bitcoin and the rest of the cryptocurrencies are expected to skyrocket by the end of the year.”
At press time, Bitcoin was trading at $38,738 and is up 0.1% in 24-hour trading. BTC is down -8.6% from the last 30 trading days and is also down -22.3% from last year. It reached an all-time high of $69,044 in November of last year and is down -44.7% from its current ATH.
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