Cryptocurrency prices have plunged to an all-time low, which investors had not seen since 2022. The market was shaken by the failure of companies like FTX, Terraform Labs and others. The decline of major assets, like Bitcoin, is being attributed to more complex causes. [BTC] Ethereum [ETH] There was a dip of double digits.
Bitcoin went down from $60,506 at its highest to $49,500, its lowest. King coin price dropped briefly below $50,000. It was the lowest since February. Over the last seven days its price has fallen by more than $13,000. BTC’s value was $54,333 at the time of publication, which represents a drop of 8.46% over the past 24 hours.
While some investors feared that Bitcoin’s price would continue to fall, the market had been expecting it. Richard Heart, creator of HEX stated that Bitcoin will see major corrections, and it is expected to drop as low as $11,000 during the upcoming collapses. He noted that Bitcoin usually drops 85% off its high. David Lin spoke to Kitco News said,
“I think Bitcoin will tap around $10,000 from its high because that’s what it normally does, it drops 85%. Ethereum usually drops 95% because it has lower liquidity so it acts like a leverage position on Bitcoin, to some degree.”
Also Read: Bitcoin [BTC] Dips Below $50,000, Here’s Why
“Predicted it forever”
Richard Heart, when WatcherGuru asked if BTC was going to hit $11,000, confirmed the prediction. said,
“Yep, I’ve predicted it forever. Bitcoin drops 85% in bear markets usually.”
Investors have been waiting for a new BTC all-time record to be set sooner than later.
Also Read: Bitcoin Predicted To Reach $70,000 Again: Here’s When
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Source: watcher.guru