With the bankruptcy of FTX, a large group of analysts, ranging from Morgan Stanley to independent market analysts, set the bar for Bitcoin predictions below $13,000. Now, an analyst known for his accurate predictions is pointing the previous month to the bottom of the market.
New target 2020 bottoms in bitcoin price
Historical data points to $11,000 or $9,000 as Bitcoin’s expected low. The leading cryptocurrency found support at these levels in the previous bull cycle. It hasn’t had much success in the new year as a result of numerous macroeconomic and market downturns. It has lost more than 80% of its value since November last year. Now, new forecasts say the bearish momentum will reach up to four-digit prices.
The cryptocurrency market was booming two years ago due to the massive gains it recorded. Encouraged by the launch of the US futures ETF, Bitcoin hit a new record at $69,000. However, a sharp U-turn took place in the following months. Central banks raised their monetary policies to combat the severe inflation they caused. As a result, a large amount of money was withdrawn from the market.
Bankruptcies made the situation worse
Until May, the main reason for the sales was the Ukraine war and several macroeconomic factors. Meanwhile, not only Bitcoin, but the entire market was in decline. In May, sales triggered by the Terra LUNA-UST worsened the situation. Then, the bankruptcy of FTX hit the cryptocurrency market, which was trying to stand up. However, Bitcoin has fallen to its lowest levels in recent years. The worst moment ever occurred last week when Bitcoin broke a two-year low below $16,000.
Thus, the drop since the ATH in November 2021 has reached almost 80%. DonAlt, a well-known crypto analyst, says that Bitcoin has not yet bottomed out at these levels:
- Comparing the current BTC bear market to the previous two: Price has dropped almost 80% so far If this bear market goes as bad as 2014-2015, you’ll be seeing roughly $9.5k. If it goes like the 2017-2018 bear market, it would be ~$11k.
cryptocoin.com You can find the accurate predictions of DonAlt, which we have quoted as In his current analysis, he predicted that BTC could drop to $9,500 if the current bear cycle reflects the 2014-2015 bear market, and to $11,000 if the events of 2017-2018 repeat itself. According to the chart provided by DonAlt, BTC has historically rallied after these cycles. It will now test $11,000 and $9,000 as the next cycle bottoms.
Bitcoin (BTC) is trading at $16,629 at the time of writing. It’s been stable over the last 24 hours and last week.
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