Bitcoin is possibly going through the toughest phase at present, especially in the Bear Market. In fact, every day the BTC price is falling down. In the recent passt, once BTC crossed the $25,000 mark briefly. But that upward trend received a bearish rejection from the investors. In fact, the investors feared an immediate trend reversal and thereby held themselves back. This in turn made the BTC price drop below the $25,000 mark. In addition, this price drop was followed by rapid liquidations. All these factors have combined to make things even worse for Bitcoin.
It is really painful to see a cryptocurrency drop down to the $21,000 zone from an all-time high of around $69,000.This means that the BTC price has dropped by 70% from its all-time high price. However, recent data suggest that this might prove to be the worst bear market experience for Bitcoin. In fact, over the past week, Bitcoin witnessed a loss of around 10%.
Therefore, it might be that the price might keep dropping further. If you wish to know more about the BTC market, then this article is the perfect stop for you. Keep reading this article to know more about the situation of the BTC market.
What’s in Store for The Future?
The Arcane Research firm has recently talked about the condition of the BTC market. The firms claimed that Bitcoin might follow its trend between 2017 and 2018. During that period, reached its previous all-time high of $2,000. However, after that, the cryptocurrency witnessed a loss of around 80%, thereby starggere=ing back to its breakout levels. In fact, that bear market lasted for more than a year. Finally, in 2020, BTC entered its price discovery mode.
According to Arcane Research, the present bear market for BTC has already lasted for 286 days. During this period, the price has dropped by 70% from its all-time high price. The firm also claims that by the end of this year, BTC’s price might reach its bottom. They claimed that massive liquidations might push the market even downward. Thereby, any trend reversal is less likely to happen in the near future.
Concluding Lines
If the claims of Arcane Research prove to be true, then BTC might experience a similar bearish experience to that of 2018. As such, the investors might go for a final push into the 2020 level. In fact, it is most likely that the volatility of the BTC market will be on a sharp rise in the coming days.
However, the merger of Ethereum with Bitcoin has created great hype among investors. In fact, many experts consider this hype as a positive bullish catalyser. While there are yet others who state that ETH’s price will face short-tr hurdles, thereby pushing the market down. But if the trend remains similar even after the merger, then a 2018-like bear market is definitely on the cards.
That is all for today. Stay tuned for further updates about the Bitcoin market.
Also read: Hacker Loses 5 ETH While Attempting To Exploit Bridge Protocol
