KEY POINTS

  • Bitcoin was trading up 1.10% at $16,674.04 as of 12:39 a.m. ET on Thursday
  • The maiden crypto has left the $15,000 price level and is no trading in the green zone
  • But analysts think this uptrend is just temporary

It's just a matter of time before Bitcoin bottoms out. Several analysts shared their forecasts on when they think the world's largest crypto by market capitalization will bottom out.

After Bitcoin entered the $15,000 territory earlier this week, industry watchers believe it is just a matter of time before BTC would bottom out. Top crypto market managers agreed with this observation and further shared the price level of when this would happen.

Web3 strategy and consulting firm BDC recently interviewed the crypto market's top managers involved in projects such as GameFi, DeFi. In a market research, the team revealed that the majority of top crypto market managers think Bitcoin is heading to the darker, deeper region in the coming months.

30% of these market analysts expect Bitcoin to bottom out at $11,000 levels or around $11,479. This would mean that the maiden crypto would shed another 30% from its current price levels.

"The interviewed crypto projects' executives and founders expect a further BTC decline. The average expected price is $11.479, which is 31% lower than the current BTC value (16.678 as of November 14, 2022)," the research noted.

This would be a massive 85% plunge from Bitcoin's all-time high price of $69,044 last November. Since the FTX collapse and after the company filed for bankruptcy, the crypto market has experienced an unprecedented crisis that it had never seen since it was introduced.

Retail investors lost faith in cryptocurrency exchange platforms and most of them pulled out their funds. Fear, uncertainty and doubt hovered over the industry due to the recent FTX crash, triggering a prolonged winter that sent crypto assets to trade in the red zone for a while.

Major crypto assets like Bitcoin and Ethereum were not exempted from the ongoing crisis. Cryptocurrency's overall market capitalization plummeted from $.1 trillion in early November to $855 billion on Wednesday. This figure is expected to further slump if the downtrend pushes on.

Despite the ongoing crisis, the research highlighted that survey results show investors are still optimistic even though the recession is not yet over.

As of 12:39 a.m. ET on Thursday, Bitcoin left the $15,000 level and was trading up 1.10% at $16,674.04 with a 24-hour volume of $32,256,972,351. Ethereum, the second-largest crypto by market capitalization was trading in the green zone 3.38% at $1,201.90 with a 24-hour volume of $11,093,194,399, based on the latest data from CoinMarketCap.

A representation of bitcoin is seen in front of a stock graph in this illustration