Can bitcoin drop below $1000? Can it ever happen?

The crypto market volatility made everyone believe there's nothing that cannot happen in the market. we have seen a scenario where coins go bullish as far as 500% within a short period and vice versa. The 2022 meme coin dropped drastically when no one expected it. I'm referring to LUNA. After experiencing a falling knife of Luna, I kept asking myself one question

Technically, it's possible for any cryptocurrency to drop a hundred percent of its price. Of course, we wouldn't believe that some cryptocurrencies like Bitcoin, Ethereum, and so on would ever drop to zero, but the LUNA saga made people to understand that anything can happen in the world of cryptocurrency. Definitely, something must happen for such a scenario to occur. If a big shift eats deep into the cryptosystem, a catastrophic loss in value would hit many cryptocurrencies

Truly speaking, it would be very hard to dissolve the bitcoin network with more than a hundred thousand active nodes worldwide but the whales can move the market up and down if they dim it fit. Did you know that if the bitcoin whales decide to sell off their entire holdings, Bitcoin can go as less as $1000 within a short period? It's simple mathematics. When people are selling in the market, the price of an asset decreases, so the more the coin is pumped out and dumped the more it losses value

When he made it public that he won't accept bitcoin as a form of payment, bitcoin price plunged by 12% with market capitalization dropping from 2.4 trillion dollars to about 2 trillion dollars. Many people thought Tesla has abandoned bitcoin and started selling their holdings. While many watched to see what would happen, some could not risk it

People at that point started monitoring Tesla's account and discovered he only discontinued the collection of bitcoin but never dumped his holdings. Now let's assume that after Elon Musk dropped his tweet, he started selling his acquired bitcoin, what would happen

I think the answer is clear. Many people will start selling and those willing to buy will set low prices and the more the order fills the more the price would plummet. Why bitcoin remains powerful is because the whales are holding it tight. If they all drop bitcoin today because of one reason or the other, I'm very sure bitcoin would drop drastically. If only Elon Musk's tweet can eat up 12% of bitcoin price, then support from the other rich folks like Tyler and Cameron Winklevoss (Forbes), Sam Bankman-Fried, Brian Armstrong, and so on would wreck the system asap

Presently, it takes between $32,000 - $34,000 to produce 1 bitcoin taking the mining gear and energy cost into consideration. And as at when this content was published, bitcoin was trading at $31,400, which implies that bitcoin has crashed below the cost of production. And what would happen if the price of bitcoin continues plummeting? The number of miners would reduce because no one would want to invest that amount and get a little

What else could make bitcoin go dip? If all the countries that adopted it decide to ban it because it wasn't backed by any physical asset, and think it doesn't have the ability to succeed like the physical currency because of its volatility and at the same time considering the fact that our national currency is more versatile