Analysts foresee Bitcoin price dropping to $10,350

Arcane Research researchers compared drawdowns of the first cryptocurrency across past market cycles. In their view, the potential for Bitcoin’s price decline remains at the $10,350 level.

«Over its 13-year history, Bitcoin has gone through several “boom-bust” cycles. The current 222-day drawdown of 73% may seem painful. However, hodlers were tested far more severely in 2013 and 2017», the experts wrote.

According to their observations, after the November 2013 peak, the price of the cryptocurrency hit a bottom, falling 85% over 407 days.

The bear market, following the $20,000 mark in December 2017, was similar in characteristics. In 364 days, digital gold fell by 84%.

«If Bitcoin follows the trajectory of these cycles, the bottom could be reached sometime in the fourth quarter of 2022 at the $10,350 level».

Analysts noted that in recent years macro factors have begun to influence Bitcoin more: financial markets, moves by the Fed, U.S. elections and crypto industry regulation.

The Arcane Research representatives stressed that the current quarter has been the worst for investors in Bitcoin’s entire history.

According to them, the fall in prices was driven by a “cocktail of adverse events”, including Terra collapse and serious problems with Three Arrows Capital.

Earlier, technical analyst CryptoBullet predicted Bitcoin price to fall to $12,000 if the $18,600 level cannot hold under bear pressure.

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