 lately there's been a lot of talk from Bitcoin critics and so-called experts that Bitcoin's price is going to plunge down to $10,000. I think the next big move in Bitcoin is going to be below $10,000. I think it's ultimately going much lower than that. So naturally, it's been a question that I've been getting all too often. Bitcoin is currently down about 65% from previous all-time highs with the current bottom of this bear market currently sitting at $17,500. For Bitcoin to drop to $10,000, that would be an 85% drop from previous all-time highs. In its entire price history, Bitcoin has only dropped 85% or more once back in 2013 when China originally banned Bitcoin and Mt. Gox, the biggest crypto exchange at the time, was hacked and ended up falling for bankruptcy. So the question remains, can Bitcoin crash down to $10,000 during this bear market? That is what we're going to be talking about in today's video. What's up guys? I am Jay and welcome to Bitcoin Daily. The goal of this channel is to empower you guys with the knowledge and resources to make the best decisions possible. So if during any time during this video, you find yourself agreeing with some of my takes, then make sure to smash that like button and subscribe to the channel. Remember guys that this content is for educational purposes only and it is not financial advice. Always do your own research before risking any of your own money. And as a disclaimer, I am invested in Bitcoin since 2016. So will Bitcoin crash down to $10,000, which would not only mean a 85% drop from its previous all-time highs, but this would also mean another 58% drop from the current prices that we're at right now. So far during this current bear market, our biggest drawdown has been down to about 75%. Recently we've seen a bounce here at this big previous support. This here was a previous all-time high and we saw the bounce there at that retest of that previous all-time high. It has been a bounce of about 36% from the bottom price here. Now in order for us to get to the point where we're currently at, a lot of things have happened. But let's take a look at all the things that have happened in the past 12 months that have led us to the current price that Bitcoin is at right now at nearly $24,000. Of course, this story all begins with the pandemic that began back in 2020. Although we've rallied from the bottom, which was around $3,000 to $4,000 for Bitcoin on March of 2020 up to the high of $69,000, the current all-time high, the coronavirus is still around, it's still mutating, and there's still places being locked down. This has affected many things globally, including supply chain issues and inflation. Inflation hit 9.1% in June, its highest rate in more than 40 years. This of course has not only affected the overall crypto markets, but it has also affected the stock markets as well. Next, I'm sure a lot of people have probably already long forgotten about this, but there's still currently a war out in Russia and Ukraine. The fear leading up to this war caused sharp drops across all the markets. Furthermore, China and Taiwan have also been on the brink of war and possible invasion. And let's not forget about interest rate hikes. It's no secret that the U.S. has been printing money at an alarming rate. 80% of all U.S. dollars in existence were printed in the last 22 months. This is part of what led us to have the 9.1% inflation. And of course, now the Fed is raising interest rates in order to lower inflation back to around 2% that they said they could probably get to possibly by the end of 2023, beginning of 2024. We haven't even gotten into the issues within crypto themselves yet. Let's start with Terra Luna, who sold about $3 billion in Bitcoin as they attempted to save the UST stablecoin from collapse. When that happened, Bitcoin's price was around $40,000. At the time, we were holding the support around $38,000 to $40,000 very nicely until that happened. And you can see here exactly what happened to Bitcoin's price, where in a two week period, we drew down about 34%. And that was just the start of it all. This resulted in the worst quarter in Bitcoin's entire history at minus 56% for the quarter. This also ended up being Bitcoin's worst month ever in the entire history of Bitcoin's price. But we weren't done there yet. But Terra Luna wasn't the only one selling. Tesla also reported that they sold 75% of its Bitcoin's holdings in quarter two. It was reported that they sold $936 million worth of Bitcoin in the second quarter. And with these massive sell-offs, we saw the crypto market cap drop about $1 trillion in the span of one month. With these massive sell-offs, a lot of bad actors who were overleveraged, overexposed got, well, exposed. Which brings me, of course, to a Warren Buffett quote, only when the tide goes out do you discover who's been swimming naked. And folks, a lot of people were swimming naked. This created a domino effect and company after company began to fall. Each of them filing for bankruptcy and causing more panic, more fear, bringing the fear in the market to lows that we have not seen since back in March of 2020 during the pandemic scare. So with all that said, all those things that have happened, all those things that basically happened at the same time, billions upon billions being dumped into the market, the crypto market cap losing over a trillion dollars in a month, liquidations, bankruptcies, inflation, wars, pandemic, hacks, scams, supply chain issues, the dollar going to its highest price since 2002. With all of this that has happened, Bitcoin is still holding strong at $24,000. So my question to you guys and to the Bitcoin critics saying that Bitcoin is going to drop to $10,000 is what is it that you guys think is going to happen in the near future that is worse than everything that we've already seen in the last 12 months? Because Tara can't fall again and sell another $3 billion in Bitcoin. Tesla can't sell another billion dollars worth of Bitcoin. All the companies that were over leveraged and overexposed are now bankrupt. Although the pandemic is still around is nowhere near as bad as it was. And people are learning to live with it. Inflation I believe topped out back in June at 9.1%. Last month it dropped down to 8.5% and I only see that probably getting better in the next months. The war supply chain issues and political issues are always going to be a thing but unless there's something new like China actually invades Taiwan or Russia and Ukraine really start going crazy at each other again or World War 3 breaks out. I don't see a reason for it to currently in the near future affect the prices in the market. So basically unless we get plagues World War 3 and Satoshi Nakamoto himself begins to dump Bitcoin. I personally do not think that Bitcoin will ever reach $10,000 again. And if it were to happen then I would happily eat my words admit that I was wrong and buy more Bitcoin. Because if you've been around long enough then you know it's only a matter of time. Appreciate you guys tuning in. Make sure to check out this video right here where I share the top five Bitcoin bottom signals that have never been wrong in the entire history of Bitcoin. Do you guys think that Bitcoin is going to crash to $10,000 or lower? Let me know in the comments. I will see you guys on the next one. As always, peace and love.