Eps 1499: The bearish downtrend of bitcoin since April 2022
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Miriam Lucas
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After losing 13% in April 2022, the price of Bitcoin dropped to $40,000 with immediate support at $38,000. The price of bitcoin fell 13% in April 2022 and analysts identified $38,000 as immediate support for the asset. After a sharp rise throughout March, bitcoin appears to have stabilized just below its 2022 all-time high of $48,000.
Bitcoin price sentiment in November and December 2021 is bearish and continues to decline. The price of Bitcoin was not bad at the end of 2020, as of October 13, 2020, Bitcoin was worth $11,425 per coin. In early 2022, the value of major digital assets continued to rise, with the price of Bitcoin hovering around $40,000 or even below $40.
This latest surge is the huge rise in the price of bitcoin after the start of the year below $30,000 in January. Looking at Bitcoin price charts, technical analysis says $44,000 is the next support level. According to Coinbase, the price of bitcoin was 31,578.21 pesos since the last price drop . The coin recently reached its all-time high and the current price of bitcoin is $49,033.99.
This future bitcoin price scenario could be realized if the global bull run continues. Bill Noble, Senior Market Analyst at Token Metrics, recently made his own coin price prediction where the target is $75,000 by the end of 2021. Returning to the positive bitcoin price predictions for 2021, billionaire Tim Draper is aiming high. Although we do not see a price target for the coin for this period from other sources, the value may still see new highs against the value of the dollar.
Chooh sees the rise in the price of bitcoin, predicting that BTC will be worth $210,000 by the end of 2025 and $400,000 by 2030, with halving events and inflation pushing prices up. Since its inception in 2022, it has been a difficult start for Bitcoin, but there are several experts who believe that BTC will definitely reach $100,000 and it is also a matter of time. Although Bitcoin is 33% below the cryptocurrency’s all-time high of $69,000 per unit, it is still 90% above the price it was holding at this time last year. Bitcoin's value has fallen by about half from its all-time high earlier this year and is currently hovering around $30,000.
Bitcoin fell to $41,300 in early European trade, down 10% from the past few weeks to $48,100, a three-month high. Terras LUNA, Avalanche is AVAX, Ether has fallen second only to Bitcoin among the top 10 cryptocurrencies by market cap in the past 24 hours. Bitcoin price was bearish again for two months in 2015, and Bitcoin price was bullish in November and December 2016. The last part of the Bitcoin chart shows the price drop at the start of a bearish correction.
For example, after bitcoin began to see the real world value and exchange rate of the US dollar from September to November 2010, after November 10, just like this year, the price of bitcoin fell from a high of $0.35 per unit to $0.17 dollars on December 10, 2010. For example, when China banned cryptocurrencies in September 2021, investors saw the price of bitcoin fall, although it has since risen and resumed its usual volatility. These announcements can affect the price of bitcoin, for example, the price of bitcoin fell by almost 20% in January 2018 amid rumors of a crackdown on cryptocurrencies by the Chinese government. Since the beginning of December 2021, the price of bitcoin and a number of other large crypto-assets begins to decline by a huge margin.
Bitcoin surged to an all-time high of nearly $69,000 in November. In April, when Coinbase — the largest national cryptocurrency exchange by volume — released its initial public offering, the price of bitcoin more than doubled to $61,684.
Tesla said it bought $1.5 billion worth of coins in a SEC filing, pushing the price above $48,000. Tesla’s decision comes after Tesla bought bitcoin shares worth $1.5 billion , which in turn sent bitcoin and Tesla’s market prices skyrocketing. Cryptocurrencies began to rise again in October as major banks joined them, with Gary Gensler, chairman of the U.S. Securities and Exchange Commission , stating that Gary Gensler would not ban cryptocurrencies. It is the cloud of the entire cryptocurrency market.
Another blow came when China ordered a complete halt to bitcoin mining in China's Sichuan province and also ordered banks to stop supporting cryptocurrency transactions due to the latest wave of cryptocurrency restrictions. Bitcoin and other major cryptocurrencies dropped significantly in value after investors started dumping mining hardware as China announced new rules. Bitcoin posted a net short position of -883 in the futures markets, the lowest since mid-August, according to data from the Commodity Futures Trading Commission released Friday.
We only have 10 years of data to inform cryptocurrency price predictions, and with Bitcoin’s long-term rally, Bitcoin’s value is highly volatile on a daily basis. Unfortunately, Bitcoin’s price is extremely unpredictable and even more market driven than more established asset classes. Even if investors don't like it, Bitcoin's value can go up and down.