Mon 13 June 2022:
On Monday, the crypto winter hit hard, with the price of a single Bitcoin plummeting to approximately $25,600, an 18-month low.
The world’s largest cryptocurrency fell another 7% on fears of risk-off attitude as a result of a strong spike in global inflation, particularly in the United States.
Bitcoin (BTC) hit an all-time high of almost $68,000 in November 2021, but has since dropped by more than 60%.
At this rate, economists predict that Bitcoin will surpass $14,000 this year.
“In the next 670 days, BTC will capitulate in the next 6 months and hit cycle bottom ($14-21k), then chop around $28-40k in most of 2023 and be at ~$40k again by next halving,” one of the tweets read.
What probability % are you weighting to this prediction ?
— Satoshi’s Dog ฿ 🐶 (@satoshis_dog) May 31, 2022
The likely bottom range at $14,000 would represent a drop of around 80 per cent for Bitcoin from the $68,000 all-time high.
Ether (ETH), the second largest cryptocurrency, also fell considerably.
Over the weekend, Ethereum values plummeted, bringing the world’s second-largest digital asset down below its 2018 high.
The Ethereum market has slipped below the ‘ETH Realized Price’ of $1,781, according to on-chain analytics service Glassnode.
The cryptocurrency fell to $1,355 on Monday, resulting in unrealized losses of more over 40%.
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