Crypto experts predict bitcoin may fall again before hitting $28k support resistance.
In the last 2-3 days, bitcoin has seen a little pump and went up to $24,000. But the experts say that it may start to fall again as the Fed may hike interest rates again. After crossing the $24,000 support resistance for a few days, bitcoin is now struggling between $20,000 and $22,000. At the time of writing this article, Bitcoin is down by 3.53% in the last 24 hours and trading at approx $21,900.
Also, amidst this bear market Elon Musk, owner of Tesla and SpaceX has reportedly sold 75% of their bitcoin holdings estimated to be worth over $1B. Some big miners and institutions have also sold their bags. We have seen a major downfall in bitcoin after Terra (LUNA) crash, forced selling and pressure made bitcoin to fall below $18k this year. Moreover, there have been other reasons too i.e high Inflation, hike in interest rates, disturbance in the supply chain, health pandemics and many more etc.
Some experts believe that if the force selling stops and things go in favor of bitcoin, then it could reach $25k and likely break the support resistance above $28k. Also, the Ethereum network might grow after the complete merge.