The start of this wasn’t that favorable towards the crypto market as it began on a bearish note. The market is still signaling red, hence might end the week on a bearish note. The overall crypto has plunged by 3.02% in the last 24hrs and is now positioned at $1.09 trillion.
While volatility has been continuing since May, it is becoming increasingly difficult for traders and investors to make their decisions. Although the past month saw some bullishness, the price of bitcoin is currently trading on a downside. The major currency has lost its $23,000 mark and is currently trading at $22,807, down 2.86% over the past 24 hours.
Meanwhile, Cryptoquant, an analytical firm, claims that the current phase is nothing like the bear cycles of the past. The current bearish market is comparatively mild, looking at the 2014 and 2018 cycles.
It all started in November 2021 when the overall market began sliding down along with Bitcoin declining. Also, negative macroeconomic events have played a major role in bringing down the market.
Is bitcoin worth $15,000?
According to the survey, Bitcoin could find itself in the $15,000 area in a few months, given the past bear market performance. The analytic firm says that if Qing currency decides to repeat the earlier bear cycles, the pressure will see its heights rise by the end of the year.
As a result, as the year 2023 approaches, the market may be in for a long-term crypto rally. If Bitcoin begins to fall in price in the coming months, it may well continue until the end of the year.
Bitcoin price, on the other hand, is also predicted to trade near a short-term target between $21,000 and $20,000. This is likely to happen if there is short-term selling pressure on BTC.
Overall, If the current movement repeats, the king coin can see maximum pressure at the end of the year, starting in October trading range between $10,000 – $14,500.
