With bitcoin continuing to experience adverse price movements and dumping below $20,000 for the second time in June, the asset is on the brink of registering its worst-performing quarter in about a decade.
60% drop in Bitcoin in the second quarter
Data from Coinglass shows that the major cryptocurrency is down almost 60% in the second quarter, which will end when June becomes history.
Although there’s still some time left, the situation seems quite dire, and the asset is close to marking the worst quarter in terms of price movements since the analytics resource keeps score. As such, it seems that history will not repeat itself as Q2 is typically a bullish period for bitcoin.
The previous all-time high was set in the fourth quarter of 2018 (during the one-year bear market) when BTC fell just over 40% to below $4,000. It should be noted that the second quarter of last year was also quite bearish for the asset, with a three-month decline of 40.36%. This happened despite bitcoin surging to a then all-time high in April.
Breaking things down shows the current negative state of the BTC landscape. The asset stood high at the end of Q1 when it neared $50,000. However, it failed there and actually entered its longest streak of consecutive weekly candles closed in the red (9).
June was a particularly painful month for bulls, as BTC alone is down 40% in the last 30 days. This culminated in an 18-month low of $17,500 about ten days ago, and although bitcoin recovered some ground the following week, it still sits below the coveted $20,000 line.
When Bottom?
With the cryptocurrency dumping to new lows, the number of analysts trying to provide a fresh take on the matter has skyrocketed. Somewhat expectedly, most are carrying bearish perspectives now.
Fundstrat strategists, usually bullish on BTC, have reversed their price predictions for the asset’s near-term future. As such, they noted that bitcoin could fall to $12,500. With a similar prediction, author of Rich Dad Poor Dad – Robert Kiyosaki – said he would buy more BTC if it fell to $11,000.
On the opposite corner sit Bitfury’s CEO – Brian Brooks. He thinks the asset will shoot up soon as its network continues to be highly utilized. JPM analysts also share a similar view, indicating that the bottom could have been set in already.
