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Friday, February 3, 2023

How Low Can The Price Of Bitcoin Go?

Bitcoin has already spent an entire year in a period of downtrend since its all-time high of $69,000 in November 2021.

The price performance of BTC has already given investors up to losses of 77%. But this begs the question- how low can the prices go? The analysts and the traders of the cryptocurrency have already been in agreement that the current year has been the newest bear market of the largest cryptocurrency. After moving on from all-time highs of $46,000, the cryptocurrency went on to offer very little relief and has again gone back to levels that have not been seen since the November of 2020, according to data received from TradingView and Cointelegraph Markets Pro. 

Bitcoin Price Could Go Lower

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This does place the Bitcoin/USD pair in the historical bear market bottom territory- after having lost a maximum of around 77% since the most recent peak of the cryptocurrency, with the cryptocurrency getting just a little room to breathe. This time, things do seem different. A single well-known social media personality has already stuck to their theory from 2022, that the entire industry is all about a particular on-chain metric. For CryptoBullet, Cumulative Value Days Destroyed does offer an interesting insight into the macro BTC price bottom.

Filbfilb’s upper band of bid support on exchange order books is a pretty popular target for commentators on Bitcoin. According to a report from Cointelegraph, $14,000 does seem to be a pretty significant spot on this radar- with the entries already being planned around it. 

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