The start of this wasn’t that favorable towards the crypto market as it began on a bearish note. The market is still signaling red, hence might end the week on a bearish note. The overall crypto has plunged by 3.02% in the last 24hrs and is now positioned at $1.09 trillion.
While the volatility continues since May, it’s becoming extremely difficult for traders and investors to make their decisions. Though there was some bull run seen last month, currently Bitcoin price is trading downwards. The flagship currency has lost its $23,000 mark and is currently trading at $22,807 with a fall of 2.86% over the last 24hrs.
Meanwhile, CryptoQuant, an analytic firm claims that the current phase is nothing like earlier bear cycles. The present bearish market is comparatively mild when looking at the 2014 and 2018 cycles.
It all started in November 2021 when the overall market began sliding down along with Bitcoin declining. Also, negative macroeconomic events have played a major role in bringing down the market.
Bitcoin Price At $15,000?
As per the survey, considering the previous bear market performance, Bitcoin might find itself positioned at the $15,000 area in a few months. The analytic firm states that if the King currency decides to repeat the earlier bear cycles, then by the end of the year the pressure will see its heights.
As a result, as the year 2023 approaches, the market may be in for a long-term crypto rally. If Bitcoin begins to fall in price in the coming months, it may well continue until the end of the year.
On the other hand, Bitcoin price is also predicted to trade around the short-term target ranging between $21,000 and $20,000. This is likely to happen if there is short-term selling pressure on BTC.
Overall, If the current movement repeats, the king coin can see maximum pressure at the end of the year, starting in October trading range between $10,000 – $14,500.