Bitcoin (BTC) is Headed For The Ruins; How Did We End up Here?

• Analysts predict the oncoming of yet another Bitcoin Crash as BTC price breaches below the $20,000 mark for the second time.
• Cyber Capital chief investment officer Justin Bons has said that Bitcoin is one of the  worst Cryptocurrencies terming it as a “purely speculative asset without utility.”

It is clear that the bearish sentiment is fizzling out like a Dothraki cavalry charge over the cryptocurrency market. Many cryptos have made more than a 75% drop with no hope of seeing the next bull market. That is far not different with Bitcoin.

A few weeks ago, some crypto had stolen back their show making an uptrend that hinted at greener pastures, But in the past week the unthinkable unfolded and most cryptos underwent a massive decline erasing their gains. King of the crypto arena made a drop to the $20,000 mark surpassing it further below. The million-dollar question is whether Bitcoin is heading for $10,000.

Bitcoin Down By 20% in the Past 2 Weeks.

After Bitcoin hit its bargain basement, The cryptocurrency started reverberating from the $20,000 mark upwards. In fact, Other cryptos started following the pursuit and treaded upwards.

Ethereum, the second cryptocurrency by market cap was able to hit a 100% increase courtesy of the long-awaited merge. As many market analysts presume the Merge is a “buy the rumor, sell the news” event. Bitcoin hit a high of $25,000 dropping back to the $20,000 mark.

The chart shows the break in the uptrend of BTC.

Predictions Of Yet Another Bitcoin Crash

It is noticed that BTC’s quest for glory is unending as it reaches a significant price the crypto coin tries to retrace higher. However the retracement process seems like mission impossible as BTCs price continues a downward trend. This surge for glory has occurred three times repeatedly in 2022 trying to stop the downtrend. This comes with incredible scenes in the market sentiment rising but comes for a short period of time.

Analysts predict the oncoming of yet another Bitcoin crash as Bitcoin’s price has followed the same pattern this year. This is the second time Bitcoin is surfing under the $20,000 mark. In the past 24 hours, Bitcoin has dropped to $20,406.12 as people expect the oncoming crypto winter come Q4 of this year.

Reactions To Bitcoin

Many people have expressed their ideas on the currency, one being Cyber Capital chief investment officer Justin Bons who says that BTC is “technically one of the worst cryptocurrencies” further adding that  its native token is a “purely speculative asset without utility.”

“I remember it used to be said that BTC would just adopt the best technologies. This thesis has obviously completely failed as BTC has no smart contracts, privacy tech or scaling breakthroughs.”Bons stated through a teeet.

Bons explained that long-term security and weak economic qualities led to the deterioration of Bitcoins offering.

1/11) BTC is unique in that it is technically one of the worst cryptocurrencies

It has a broken long-term security model

It lacks capacity, programmability & composability

With comparatively weak economic qualities

BTC is, in fact, a purely speculative asset without utility

— Justin Bons (@Justin_Bons) August 28, 2022