Analysts allowed the price of bitcoin to fall to $10,350

Analysts allowed the price of bitcoin to fall to $10,350

Analysts made a fall bitcoin prices to $10,350

Arcane Research researchers compared the drawdowns of the first cryptocurrency in past market cycles. In their opinion, the potential for a decline in the price of bitcoin remains until $10,350.

“During its 13-year history, bitcoin has gone through several boom-bust cycles” . The current 222-day drawdown of 73% may seem painful. However, hodlers were tested much harder in 2013 and 2017,” the experts wrote.

According to their observations, after the peak in November 2013, the price of the cryptocurrency bottomed, sinking by 85% within 407 days.

Analysts allowed bitcoin price to fall to $10,350

Data: Arcane Research.

The bear market that followed the $20,000 mark in December 2017 was similar in its characteristics. Digital gold fell 84% in 364 days.

“If bitcoin follows the trajectory of these cycles, the bottom may be reached sometime in the end of the fourth quarter of 2022 at around $10,350.”

Analysts have noted that in recent years, more bitcoin has become macro factors: financial markets, changes in the Fed rate, US elections and regulation of the crypto industry.

Arcane Research representatives emphasized that the current quarter was the worst for investors in the history of the first cryptocurrency.

< img class="aligncenter" src="/wp-content/uploads/2022/06/analitiki-dopustili-padenie-ceny-bitkoina-do-10-350-e87e1cc.png" alt="Analysts allowed bitcoin price to fall to $10 350" />

Data: Arcane Research.

According to them, a “cocktail of unpleasant events” contributed to the fall in quotes, including the collapse of Terra and serious problems with Three Arrows Capital. the level of $18,600 will not stand.

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