Analysts debate if now is a good time to buy as Bitcoin rises again above $20,000.
Whether BTC will see price decreases akin to those in 2013 and 2017 is yet to be determined.
Jun 23, 2022 at 11:07 p.m. Updated Jun 24, 2022 at 1:14 a.m.
Bitcoin has risen back above $20,000 after plummeting to an intraday low of $19,764 on Wednesday.
According to market capitalization, the biggest cryptocurrency was recently trading at $20,314, down 0.4 percent over the previous day.
Analysts disagree on whether bitcoin (BTC) will experience significant falls similar to those saw in 2013 and 2017, when it plunged 84 percent and 85 percent, respectively. The $20,000 price threshold remains crucial. The price of bitcoin might plummet close to $10,000 if it undergoes a similar decline this time.
Bitcoin might drop as low as $13,000, which would represent a nearly extra 40% drop from its current price, according to Ian Harnett, co-founder and chief investment officer of Absolute Strategy Research, in a CNBC interview.
According to Harnett, "We would still be selling these kinds of cryptocurrencies into this atmosphere."
According to senior market analyst Alex Kuptsikevich of FxPro, BTC's modest performance over the most recent bullish cycle makes losses akin to those in 2013 and 2017 untrustworthy. While bitcoin prices increased by 90 times and 20 times in 2013 and 2017, respectively, they only increased by 10 times in 2021.
According to Kuptsikevich, "it is far more likely to predict that bitcoin finds a long-term bottom at the highs of the last four-year cycle."
Some observers claim that long-term holders' appetite for bitcoin has decreased as a result of its unstable value in the context of broader economic conditions.
Despite the possibility that bitcoin's price is close to stabilising, Kuptsikevich advised investors to hold off before purchasing.
It might not be the greatest time to invest because it might take some time for the cryptocurrency market to recover from the current upheaval and enter a new phase of continuous demand from a variety of investors, not simply anxious asset seekers, Kuptsikevich said.
Whether BTC will see price decreases akin to those in 2013 and 2017 is yet to be determined.
Bitcoin has risen back above $20,000 after plummeting to an intraday low of $19,764 on Wednesday.
According to market capitalization, the biggest cryptocurrency was recently trading at $20,314, down 0.4 percent over the previous day.
Analysts disagree on whether bitcoin (BTC) will experience significant falls similar to those saw in 2013 and 2017, when it plunged 84 percent and 85 percent, respectively. The $20,000 price threshold remains crucial. The price of bitcoin might plummet close to $10,000 if it undergoes a similar decline this time.
Bitcoin might drop as low as $13,000, which would represent a nearly extra 40% drop from its current price, according to Ian Harnett, co-founder and chief investment officer of Absolute Strategy Research, in a CNBC interview.
According to Harnett, "We would still be selling these kinds of cryptocurrencies into this atmosphere."
According to senior market analyst Alex Kuptsikevich of FxPro, BTC's modest performance over the most recent bullish cycle makes losses akin to those in 2013 and 2017 untrustworthy. While bitcoin prices increased by 90 times and 20 times in 2013 and 2017, respectively, they only increased by 10 times in 2021.
According to Kuptsikevich, "it is far more likely to predict that bitcoin finds a long-term bottom at the highs of the last four-year cycle."
Some observers claim that long-term holders' appetite for bitcoin has decreased as a result of its unstable value in the context of broader economic conditions.
Despite the possibility that bitcoin's price is close to stabilising, Kuptsikevich advised investors to hold off before purchasing.
It might not be the greatest time to invest because it might take some time for the cryptocurrency market to recover from the current upheaval and enter a new phase of continuous demand from a variety of investors, not simply anxious asset seekers, Kuptsikevich said.