Bitcoin price slipped for a third straight day but has managed to hold strongly onto the $20,000 mark. The crypto market is seeing a period of heightened volatility owing to the worsening global economic conditions amid rising inflation and interest rates.
There are speculations that 2022’s bear market will be different from what had been seen in 2017. This is drawn from BTC’s recent dip to $17,600. Several analysts believe Bitcoin could see new low-lows of $10,000 before it finds a market bottom. Arcane Research, in its latest report, stated that the current drawdown has been going on for 229 days. As such, it has seen a maximum drawdown of 73%. Arcane Research said that if Bitcoin follows the blueprint of these cycles, there would be a bottom in late 2022. The market could see the popular cryptocurrency taking to $10,350.
Delphi Digital, a cryptocurrency research firm, says from a high timeframe market structure perspective, the next stop could be $10,000 – 12,000. There could be existing between $9,500 and $13,500. The firm said it lines up with the implied low if Bitcoin experiences an 85% drawdown from peak to trough. Will Clemente, an analyst with Blockware Solutions, believes the popular crypto asset’s current range reflects a good spot for accumulation.
At the time of writing this article, Bitcoin was down by 1.32% in the last 24 hours. It was trading at $20,357. Ethereum lost nearly 2% of its value and is changing hands at $1,152. It should be noted that Ether has made more gains than BTC in the past seven days – up by 4.34%. The altcoins are also in the red. Solana lost 4.65% of its value, and Ripple’s XRP is down by 2.07%. The meme coins are also struggling to make gains. Shiba Inu is the biggest loser, down by 5.20% in the last 24 hours. Dogecoin lost 3.35% of its value.
