For ten months in a row, Bitcoin has been declining, and only just stabilized in 2022. Early in January, BTC was trading at $35,000; as of right now, it is dropped about 50% to $19,000. The king cryptocurrency lost all of its gains from the previous year, and the bulk of its holders are now in the red.
Analysts are unable to predict when BTC may have reached its bottom, despite declining 70% from its all-time high of $69,000. The market's growth is being hampered by global macroeconomic variables, making it more difficult for analysts to forecast BTC's future. Aaron Arnold, a cryptocurrency analyst, thought that after reaching $19,000, Bitcoin could only go down. The expert contrasted the current state of BTC to the 2018 market meltdown when it eventually fell another 50% from $6,000, and that comparison was made.
BTC is consolidating at $19,000 levels, according to Arnold, exactly like it did at $6,000 in 2018 before crashing 50%. The analyst, therefore, forecasted that Bitcoin will lose another 50% of its present value and eventually settle around the $10,000 mark.
"Bitcoin was consolidating close to $6,000 before
falling nearly 50%. Now, from what I recall, a large number of individuals
believed Bitcoin was the bottom back then. Many people today believe that there
is not much more to be done, and often everyone holds the same opinion, he told
Kitco News.
According to Arnold, Bitcoin might drop to a price between
$11,000 and $14,000 in the upcoming months. In fact, he said he wouldn't be
shocked if bearish conditions caused BTC to fall to $6,000 in the future.
Bitcoin: The Future Route
A recent analysis from the data and analytics company
CryptoQuant shows that the volume of BTC trades has fallen considerably since
September. The lack of volatility in Bitcoin has both the bulls and the bears
losing interest in it.
"It is very obvious that the volumes of both the spot and future crypto markets are largely sideways as of about September 9, 2022. Pronounced highs and throughs suggest that neither bulls nor bears are showing much interest in Bitcoin, according to the research. The news stated that investors are abandoning Bitcoin since the cryptocurrency is failing to provide the intended effects.
At the time of publication, the price of Bitcoin was $19,298
and it has decreased by 1.3% over the past 24 hours.
