Bitcoin May Fall to $10,350 — Arcane Research
Arcane Research analysts compared the drawdowns of the first cryptocurrency in past market cycles and, based on these data, suggested that Bitcoin could continue to fall up to $10,350.
Analysts noted that over the 13 years of its existence, the price of digital gold had several decline cycles. And while BTC’s 73% drop may seem painful to many, it’s been worse in 2013 and 2017, the analysts added in their report.
For example, in November 2013, Bitcoin was at the peak of its price, and after that, it dipped by 85% within 407 days. And in 2017, after reaching the $20,000 mark in December, the value of the first cryptocurrency fell by 84% in 364 days.
In their opinion, if Bitcoin is now experiencing a similar cycle, then by the end of the fourth quarter of 2022, the price of BTC could bottom out at about $10,350.
Representatives of Arcane Research emphasized that the current quarter was the worst for investors in the history of the first cryptocurrency.