The world’s largest cryptocurrency has set another disappointing record amid an ongoing bear market.
Bitcoin (BTC) has been having a tough year since January after recording a massive decline in its value due to several unfortunate incidents, with the bear market at the top of the list.
The popular cryptocurrency asset keeps recording low stats amid the ongoing bear market and it does not seem like it will be ending anytime soon.
For many people, the ongoing bear market is regarded as the toughest since the inception of the nascent asset class, as investors have seen the value of their investments shrink massively.
Bitcoin further echoed these investors’ sentiments recently, as the asset class recorded its worst quarterly loss in 11 years. In the last three months, the price of BTC has fallen 58%, data from crypto tracking service platform Coinmarketcap suggests. Bitcoin was trading at around $46,735 on Ist April beginning the 2nd quarter of 2022 and closed June at $19,918.
Aside from the devastating quarterly record BTC had, the cryptocurrency also recorded another disappointing monthly close. For the first time ever, Bitcoin monthly candles closed below MA50 (21.5k) and a low monthly RSI (41).
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Investors’ Expectations Cut Short
Many Bitcoin investors had high expectations this year, as they expected the price of the world’s largest cryptocurrency by market capitalization to hit $100,000 by year-end.
Cryptocurrency experts have made favorable price predictions for the top asset class, reaffirming investors’ hopes in cryptocurrency.
Unfortunately, things did not go as expected, as the world’s largest cryptocurrency continues to shred a huge chunk of its value since the beginning of the year.
BTC Underperformance Since ATH
It is worth noting that Bitcoin 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 is down 38%, with the value of Bitcoin not looking like it would be stable anytime soon.
Bitcoin is trading at $19,426, down approximately 72% from its all-time high record of $69,044.
Experts See Bitcoin Bottom Around $10K and $14K
Following the massive plunge of Bitcoin’s value, many investors are left with no choice but to ponder when BTC will finally hit its bottom.
לויט a poll by veteran futures trader Peter Brandt, the vast majority of respondents believe BTC is yet to find a bottom. Some analysts, including Brandt, had predicted that BTC’s bottom is אַרום $ 10,000 צו $ 14,000.
The good news is that some financial experts from investment banking company JPMorgan predict that the ongoing cryptocurrency winter will soon be coming to an end as the market has gone beyond a good portion of the bear market troubles.
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Source: https://thecryptobasic.com/2022/07/01/bitcoin-btc-records-its-worst-quarterly-close-in-11-years-loosing-nearly-60-in-three-months/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-btc-records-its-worst-quarterly-close-in-11-years-loosing-nearly-60-in-three-months