Litecoin founders explain how Bitcoin dropped to $10,000
Successful cryptocurrency entrepreneur Bobby Lee, brother of Litecoin creator Charlie Lee, shares his views on Bitcoin. According to Lee, Bitcoin has the potential to drop to $10,000 during this cycle. However, according to Lee, there are a few things that need to happen to reach that level.
Bitcoin price at $10,000
Bitcoin finally fell below $16,000. Earlier I said Bitcoin could fall to $15,000. But now with the implosion of FTX, $13,000 or $10,000 is not out of the question. That would be a very, very violent crash. But there should be more news on this,” Lee said of Bitcoin.
However, popular and respected analyst Willy Woo believes Bitcoin is currently doing much better. According to analysts, Bitcoin is forming a bottom and we can clearly see that in the price action. “We’re back to the cycle where accumulation starts, right? People buy, they build bottoms when prices and volatility go down. We saw the same thing with the bottoms in 2015 and 2018. Even the bottom in 2012. So yes Yes, people keep the price high because they want bitcoin,” Woo said.
What Woo is really interested in is the recent bankruptcy of BlockFi. Initially we saw a small decline, but then all bitcoin was quickly bought at these prices. “Right now we are cautious about breaking up. I think we have a lot of buyers around this price,” Woo continued.
“If you see a lot of bitcoin moving on the blockchain and the price goes sideways, that’s a sign of accumulation. The price wouldn’t surprise me either – $10,000 is the price everyone ‘wants,’ which is why I don’t think we’ll see that anytime soon,” the analyst concluded.