While Bitcoin (BTC) struggled to hold the 16.000 dollar level, the focus was on whether the bottom level had yet been seen in the current bear market.
Bear Markets in the Past, What Do They Indicate?
Bitcoin has experienced a sharp decline after reaching $69,000 a year ago. BTC has depreciated by 76% from its peak. Bitcoin has taken a big hit due to the Fed’s tightening policy and high interest rates. According to Alpha analysts who have studied past bear markets, Bitcoin may fall more soon. Experts predict that BTC may fall to the levels of 10,000 to 12,000 dollars. Noting that the recent crises in the market have damaged investor confidence, analysts expect the market to emerge from the crisis it is in for new highs in the long term.
After reaching a peak in 2021, Bitcon has fallen to the lowest level in the last two years. According to analysts, while sentiment continues to remain weak, we may see further declines in the near term. However, analysts are confident that BTC will gain momentum again in the long term.
We have seen several major Bitcoin peaks in the last decade. In late 2013, Bitcoin peaked at about $1,200. This initial peak was followed by an 85% collapse, which reduced the price of BTC to about $ 200. The next significant peak occurred at the end of 2017 at the level of about $ 19,500. This peak was followed by an 82% drop, which brought BTC down to about $ 3,500 before the subsequent recovery and bull market began. Bitcoin can also experience a value container of 80-85% in this bear market. Therefore, it is most likely that BTC will fall to the December 10,000 to 12,000 dollar range. This is the rational bearish rate in a traditional bear market for Bitcoin. Therefore, $ 10,000-12,000 may be the ideal buying point for Bitcoin, but even at current levels, Bitcoin presents a good buying opportunity, as its price will probably rise much higher in the coming years.
Optimism for the Long Term, It Continues!
Although Bitcoin’s dominance rate is nowhere near the levels before 2017, its market capitalization still accounts for about 38% of the entire cryptocurrency market. Moreover, if we take into account the 18% share of Ethereum (ETH), the first two assets account for about 56% of the 22,000 crypto assets worth $ 820 billion.
we see many promising projects, more than 5,000 of which are listed on the stock exchange. Therefore, the cryptocurrency market is still in good shape. Analysts believe that Bitcoin and altcoins will do great things in the coming bull run.
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