Bitcoin Could Drop Massively in Price From $19,000 Levels
Bitcoin has been on the back foot for 10 months straight and it barely rallied in 2022. BTC was at $35,000 levels in early January and it is now down nearly 50% at $19,000. The king crypto shed all the gains it generated last year and the majority of holders are now underwater. Also Read: Twitter Reportedly Locks Employees’ Stock Accounts as the Deal Is Moving Closer Despite falling 70% from its all-time high of $69,000, analysts are unable to pinpoint when BTC could bottom out. The global macroeconomic factors are hindering the market’s growth making it harder for analysts to point BTC’s direction. Crypto analyst Aaron Arnold believed that Bitcoin’s only direction from $19,000 is downward. The analyst compared BTC’s present situation to the 2018 market crash where it eventually dropped another 50% from $6,000. Arnold stated that BTC is consolidating around $19,000 levels just like how it consolidated at $6,000 in 2018 before falling 50%. Therefore, t...