Bitcoin Loses 58% in Three Months as it Sets Disappointing Record in 11 Years.

0
99
Hyosung America

Bitcoin investors could have expected the crypto market to shake many digital assets’ prices at the start of this year. However, not everyone predicted that the top cryptocurrency would fall from grace. 

BTC recorded $46,735 in April at the beginning of the 2nd quarter of 2022 and closed June at $19,918. As a result, the last three months saw the top digital asset fall by 58%, recording its worst quarterly loss in 11 years.

Furthermore, data from TradingView saw the cryptocurrency recording another disappointing monthly close. Bitcoin monthly candles closed below MA50 (21.500) for the first time and a low monthly RSI (41).

Z9fqzg OBrVJAob1VNqci2UuKt9TclXSnv0PHc4dCw2lnFp3rwryIPUG8YfSoXGkCCR2QrHRMJy5PLckgs9iuprulklWU3 c5ZqPpuGFaaG1roB5cbTwINd69YJHq2T8Q3XO6na6HfZoNy2FKg
Trading View 

Related: “Newbies Don’t Listen,”: Crypto Quant CEO Says After Seeing the “Same Advice” From Binance CZ When Bitcoin Bottomed At $3,000 in 2019

Bitcoin’s Struggling Performance

The popular cryptocurrency started the year around $47,000 after rallying to an all-time high (ATH) of $69,044 on November 8, 2021.

However, BTC fell below $20,000 for the third time in one month. In the last 30 days alone, BTC has been down 38%, with the value of Bitcoin not looking like it would be stable anytime soon.

Bitcoin is trading at $19,569, down approximately 72% from its all-time high record of $69,044.

Analysts Predict BTC Future Performance

With the ongoing bear market and the disappointing performance of BTC, not many experts are optimistic about the future of the digital asset class.

A poll organised by Peter Brandt, an expert futures trader, saw that most participants believe BTC is yet to find a bottom. Some analysts, including Brandt, had predicted that BTC’s bottom is around $10,000 to $14,000.

However, another analyst from top investment bank JP Morgan stated that the crypto winter would end in time. 

Read More: “Bitcoin Could Take 2 Years To Grow Beyond $69,000 ATH,” Binance CEO Says