CRYPTO WINTER CONTINUES AS BITCOIN FALLS BELOW $18K AND ETHEREUM FALLS 80%

Sun 19 June 2022:

As the crypto market remained in chaos, the leading cryptocurrency Bitcoin fell below $18,000 per digital coin on Sunday, a massive 70% decrease from its record high of $68,000 in November last year.

In the wake of economic crisis predictions, the prices of popular cryptocurrencies fell by as much as 35% last week.

Cryptocurrency market cap has dropped below $850 billion, after recently hovering around $1 trillion.

The second-largest Ethereum cryptocurrency fell below $1,000 on Sunday, down nearly 80 per cent since its all-time-high in November last year.

The latest crypto crash is happening as investors are afraid of global macroeconomic conditions and the US Federal Reserve is trying to curb rising inflation.

According to analysts, Bitcoin may hit a grim $14,000 this year.

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.

“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,” tweeted Venturefounder, a contributor at on-chain analytics platform CryptoQuant.

670 days until the next #Bitcoin halving, we are on time to #BTC performance comparing to past cycles.

In the next 670 days, BTC will capitulate in the next 6 months and hit cycle bottom ($14-21k), then chop around in $28-40k in most of 2023 and be at ~$40k again by next halving pic.twitter.com/mzIYPZV1OO

— venturefoundΞr (@venturefounder) May 31, 2022

According to Coindesk, Bitcoin has historically experienced periods of asymptotic price run-ups followed by steep crashes, “typically played out over several months to two years”.

Cryptocurrency watchers refer to these periods as “cycles”.

In December 2017, Bitcoin hit an all-time high of $19,783, before plummeting to the low four-digits just one month later.

Bitcoin hit an all-time high of $1,127 during the 2013-2014 cycle, a level that the cryptocurrency successfully defended until its 2018 slump.

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