Bitcoin Faces Critical Price Thresholds and Potential Downtrend Warnings
Bitcoin Faces Critical Price Thresholds and Potential Downtrend Warnings
Recent analyses from CryptoSlate highlight a precarious outlook for Bitcoin's price. One report suggests Bitcoin could fall towards $30,000 next year if it fails to address quantum computing risks, warning that its market value is already discounted for such threats and could deepen further. Another analysis indicates that if Bitcoin remains near $67,000, it risks breaking the Power Law floor by mid-December, invalidating a long-term price model that tracks its path as a power curve and signifying a critical 'deadline' for recovery.
Bitcoin's current bear market could worsen over the next year if the flagship digital asset fails to address concerns about quantum computing. In a Feb. 20 report, Charles Edwards, Capriole founder, claimed that Bitcoin’s market value should already be discounted for quantum risk and warned that the discount could deepen quickly if the network does not show real progress toward quantum proof upgrades.
Bitcoin has until the end of the year to recover, or the Power Law will be invalidated. The Power Law model isn't a prophecy. It's a time-based regression that treats Bitcoin's long-run price path as a power curve, and the “deadline” talk centers on a rising floor. Better yet, a lower band that rises every year, setting a new critical price level for the asset.