Bitcoin’s Price Could Close The Worst Quarter In The Last Decade

Time Stamp: July 1, 2022 10:48 AM
Source Node: 1554272

Bitcoin’s price could close the worst quarter in its last decade and sits below $20,000 as we can see more today in our latest Bitcoin news today.

With bitcoin continuing to experience adverse price movements and drop below $20,000 for the second time, the asset is on the edge of registering the worst-performing quarter in a decade. The data from CoinGlass shows that the main crypto is down by 60% in the second quarter which is about to end. There’s still some time left as the situation seems pretty dire and the asset is close to marking the worst quarter in terms of price movements since the resource keeps score as such, history will unlikely repeat itself as Q2 is often a bullish period for BTC.

The previous record came in Q4 2018 when BTC dropped by 40% to below $4000 so now it is worth noting that the last year’s second quarter was quite bearish for the asset with a three-month drop of 40.36% which came despite bitcoin’s surge to an ATH at the time in April. Breaking things down the line we can see that the current negative state is too much for the Bitcoin landscape. The asset stood high at the end of Q1 when it reached $50,000 but then failed there and entered the longest streak of weekly candles closed in the red.

btc price
BTC 24-hour Price Chart (Source: coingecko)

June was painful for the bulls as BTC is down 40% in the past 30 days and this resulted in an 18-month low of $17,500 about ten days ago then BTC reclaimed some ground in the next week and stands below the coveted $20,000 line. Bitcoin’s price could close its worst quarter still as it dumps to new lows and the number of analysts tried to provide a new take on the matter which surged expectedly and most were carrying the bearish perspectives now.

Fundstrat strategists which are bullish on BTC reversed the price predictions for the short-term future of the asset and they noted that BTC can dump to $12,500 with a similar forecast was the Rich Dad Poor Dad author who said he purchased more BTC if it drops to $11,000. on the opposite side was Bitfury’s CEO Brian Brooks who thinks the asset will surge as the network continues to be even more utilized.

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