Can Bitcoin really fall to $8,000 or is it all

  • Balenciaga will accept cryptocurrency payments, where one supported crypto is Bitcoin (BTC).

  • Gafisa, one of the largest Brazilian real estate developers, also accepts Bitcoin now.

  • The International Monetary Fund will aid El Salvador in completing its Bitcoin Adoption statistics.

Bitcoin (BTC) is one of the largest cryptocurrencies when it comes to market dominance due to its unparalleled market capitalization and mainstream adoption rate.

In fact, there have never quite been as many corporations and countries racing toward making cryptocurrency acceptable and legal as a form of payment.

Despite this, there are fears that Bitcoin (BTC) might fall to $8,000 in value, from the perspective of people such as Guggenheim Chief Investment Officer Scott Minerd.

In Minerd’s forecast, “When you break below $30,000 consistently, $8,000 is the ultimate bottom”.

However, there have been numerous positive developments when it comes to Bitcoin’s adoption, which could lead to its growth.

Bitcoin integrations as a catalyst for growth

Gafisa, one of the largest Brazilian real estate developers, announced that they started accepting the Bitcoin (BTC) cryptocurrency for real estate transactions through a partnership with Foxbit. 

The International Monetary Fund has announced that it will provide technical assistance to the government of El Salvador in numerous ways. These include tax and money laundering matters, including critical issues that the IMF raised in earlier reports. 

Gerry Rice, a spokesperson of the organization, stated that there was contact with the government regarding issues related to the adoption of BTC in the country.

According to Glassnode, the Bitcoin market has traded lower for eight consecutive weeks, which is the longest continuous string of red weekly candles in its history.

Luxury brand Balenciaga also announced that they would accept cryptocurrencies, including Bitcoin (BTC), for payments. 

All of these developments could lead to an increase in the value of the Bitcoin (BTC) cryptocurrency.

Should you buy Bitcoin (BTC)?

On May 24, 2022, Bitcoin (BTC) had a value of $29,257.22.

In order for us to see what this value point means for the future of the BTC cryptocurrency, we will be going over its all-time high as well as its performance throughout the previous month. 

When we look at the all-time high value of the Bitcoin (BTC) cryptocurrency, it was on November 10, 2021, when the token reached a value of $69,044.77. 

When we look at April, Bitcoin (BTC) had its highest point of value on April 2, when the token was worth $47,003.43. The lowest point was on April 26, 2022, when the token decreased in value to $38,084.54.

This marked a decrease in value of $8,918.89 or 19%.

With this in mind, we can expect the BTC cryptocurrency to reach a value of $32,000 by the end of June 2022, assuming it breaks past the $30,000 price barrier by the end of May.