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Thursday, December 8, 2022

Bitcoin Price Could Be Facing Its Worst Month Since 2011

The Bitcoin price finished the month just below a sum of $20,000 after a last-minute pump, in the end, saw the market bulls moving on with 40% monthly losses.

According to data that was received from TradingView and Cointelegraph Markets pro, it was understood that the exchange had spiked higher as the monthly close drew near- which came in at $19,924 on Bitstamp. With that, the BTC/USD pair narrowly skirted away from the cryptocurrency’s first-ever monthly close below a previous halving cycle’s all-time high. In the November of 2017, Bitcoin had reached a sum of $19,770 on Bitstamp. 

Bitcoin Price Could Be Seeing Its Worse Over The Years

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The success of the Bitcoin price back then was simply pretty shallow for a market that had sealed its worst monthly losses since the September of 2011- with them coming in at around 37.3%. This increase was also quite short-lived, with the exchange diving toward a sum of $19,000 on the 1st of July.

Philip Swift, an analyst for DecenTrader and an indicator creator, went on to state that the Bitcoin price was steadily making out a cycle bottom here for itself. The weakness of the cryptocurrency arrived as soon as the United States equities saw extremely dismal results of their own. The second quarter, according to the commentators, was the worst for S&P 500 since 1970. 

Michael J. Burry, the investor of Big Short, also tweeted that after adjusting for inflation, the Bitcoin price still went down by 64-65%. Burry had forecasted previously that the monetary policy of the country, which was currently established in a manner that would drive up interest rates to fight the current inflation, would definitely be forced to change its operational method before the year came to an end. 

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