Bitcoin Misery – Will BTC Price Continue Going Downhill This Week?
Over the last two weeks, Bitcoin, the largest cryptocurrency in terms of market capitalization, lost more than 22% of its value as it continues to struggle in shaking off the effects of the FTX crypto exchange implosion.
After briefly reclaiming the $21K territory, BTC was wiped out of all of its gains from the October 25 bullish run of the crypto market and seems to be having a hard time climbing to even just $17,000.
- Bitcoin is -73% in terms of year-to-date performance
- BTC continues to struggle reclaiming the $17K territory
- The maiden crypto is forecasted to attain new ATH before 2022 ends
According to tracking from Coingecko, at the time of this writing, the maiden digital coin is changing hands at $16,135 and has been down by more than 3% for the past 24 hours.
Bitcoin once again colored its charts in red as it dumped almost 16% of its spot trading price over the last 30 days.
Its overall valuation, which at one point this month reached more than $400 billion, now stands at $310.01 billion.
Bitcoin Fails To Sustain Crucial Support Range
While the broader crypto market was severely hit by the ripples of the FTX collapse, Bitcoin’s inability to hold its ground and maintain the crucial $18,400-$18,200 support region it sustained for the past five months proved to be the main reason for the asset’s struggle.
Sellers were a big part of this too as they took advantage of the negative implications of the FTX drama to breakdown BTC price to the level it currently is right now.
To make matters worse, it would appear that sellers are not yet done as they have the chance to pull Bitcoin all the way down to $12,500, reducing its current trading price by 23.4%.
Should this happen, the market capitalization of BTC will once again take a heavy blow, pulling the overall valuation of the crypto market to significantly lower levels.
At press time, the crypto market cap has gone down by more than 4% during the last 24 hours as it settled at $833.30 billion.
BTC Could Hit A New ATH Before 2022 Ends
Back in November 10, 2021, Bitcoin pushed its overall valuation to more than $1 trillion when it achieved its current all-time high (ATH) value of $69,044.
At its current state, BTC already lost almost 77% of that value and is nowhere close to that level right now.
All hope is not lost on Bitcoin. Image: Finance Magnates.
However, the extension of the bullish divergence in the asset’s weekly Relative Strength Index (RSI) that is hovering at the oversold region suggests a recovery rally could happen anytime soon.
In fact, despite the prolonged crypto winter, billionaire venture capitalist Tim Draper is certain that Bitcoin will able to brush off these negative vibes and make a strong rebound: BTC is expected to reach $250,000 in the first half of 2023.
Last week, Draper predicted that the leading cryptocurrency would reach that milestone despite the ongoing FTX turmoil.
Tim Draper stated that the failure of the FTX cryptocurrency exchange has no direct impact on the success of Bitcoin because BTC is decentralized and FTX was not.
Moreover, Colin Wu, a Chinese crypto news reporter recently pointed out that Bitcoin price has significantly deviated from the predictions of the S2F model, paving the way for a climb up to $78,280 by December 31, 2022.
If that happens, BTC will attain a new all-time high, rewarding its investors and holders with substantial profit.
BTC market cap at $309.7 billion on the weekend chart | Featured image from Investor's Business Daily, Chart: TradingView.com