Bitcoin (BTC): Why it shouldn't fall below $16,000

It’s no longer a secret that Bitcoin has outperformed expectations in recent months. The numbers clearly show a surge in its value. Meanwhile, despite gloomy economic and financial circumstances, Bitcoin has not experienced a significant drop. According to some experts, there might be a reason for this.

Bitcoin has emerged from the bear market turbulence

The idea that Bitcoin has become a resilient asset that won’t collapse is gaining further traction. Crypto trader Jason Pizzino, who recently mentioned this hypothesis, is not the only one defending it. Benjamin Brannan, Head of Development Strategy at CryptoQuant, expressed a similar view when questioned on the subject.

Brannan believes that Bitcoin has exited the danger zone where a spectacular crash in its value was possible. Even if a downturn were to occur, he emphasizes that the asset should not fall below the $16,000 mark.

Brannan’s confidence in this hypothesis stems from several factors. The expert draws some of his arguments from discussions he had with numerous institutional investors and their intentions to acquire Bitcoin.

Institutions Intend to Buy Bitcoin in Late 2023: Interview With CryptoQuant – – #Bitcoin #BTC #Crypto #Metaverse #Web3 #cryptonews #news #blockchain #ecosystem #solana #etherum #ustc #luna #DoKwon #crypto_crash pic.twitter.com/OIV9cHsvik

— Crypto Pylon (@crypto_pylon) May 12, 2023

“These are conversations I’ve had mainly with institutional allocators and also with fund raisers,” Brannan stated during an interview.

According to the expert, these investors are waiting for the third and fourth quarters of 2023 to make their Bitcoin purchases. They are giving the asset time to confirm its exit from the bear market, a trend that has been evident since the beginning of 2023.

Ho Chan Chung, another executive at CryptoQuant, mentions a theory that explains the resilience of BTC. The expert primarily highlights Bitcoin’s recognized status as a commodity. Additionally, he points out the cyclical nature of the Bitcoin market, typically characterized by four-year waves.

“If there are no events such as a nuclear explosion in Ukraine by Russia or the collapse of Binance, then we should be quite stable in terms of respecting the lowest levels,” Chung ironically remarked.