The price of Bitcoin registered a new low in 2022 this Wednesday (15), with a brutal fall in the market that has remained firm in recent days. The move heads for the ninth consecutive daily low close and is already worrying traders around the world.
Since June 6, the bitcoin price has dropped from $30,000 per coin to $20,000 today, down $10,000 in nine days.
at this price, bitcoin has already lost 70% since its all-time high on November 10, 2021, when it hit $69,000 seven months ago. For the next few days, the movement of the market continues with its sights set on $20,000, a critical support point according to many analysts.
Bitcoin Renews 2022 Low With Brutal Drop According To Trader Analysis
The bitcoin crash has had consequences throughout the cryptocurrency industry, which has seen major exchanges such as Coinbase being fired en masse, which fired 1,100 in one fell swoopamong others.
Last Sunday (12), the company Celsius still suspended withdrawals and moved his bitcoins to other walletswhich caused a new panic in the cryptocurrency market.
It is worth remembering that this ecosystem was already fragile after the collapse of Terra (MOON) last May, that is, the new falls follow the negative movement of the last month.
With extreme fear among bitcoin investors, the coin posted a new low for 2022, this time in $20,112 on some exchanges, bringing the brutal drop from support to $20,000.
This psychological barrier has been defended by traders as solid, but if it is broken it can lead to further declines in the market, which is again portrayed as a “bear market”.
Bitcoin Critic Says Coin Will Lose Another 70%
The new drop served for all those who criticize bitcoin to reissue their statements, one of them being the man who predicted the 2008 crisis, Peter Schiff. A famous defender of gold, revealed that it is impossible not to look at the bitcoin chart and not sell the digital currency, which can then be bought back.
How can someone look at Bitcoin long with this chart and not sell? Even if you think Bitcoin will end up trading higher, it’s hard to imagine that it won’t test long-term support first in the bottom line. I think it will fail this test. Regardless, it is better to sell now and buy back lower.
How can anyone long #Bitcoin look at this chart and not sell? Even if you think Bitcoin will ultimately trade higher, it’s hard to image that it doesn’t test long-term support at the lower line first. I think it will fail that test. Regardless, better to sell now and rebuy lower. pic.twitter.com/GlHa3JL9mv
— Peter Schiff (@PeterSchiff) June 15, 2022
And Peter went further with the dovish prediction, noting that if Bitcoin managed to drop 70% from its all-time high, then it could drop again from this point. In its opinionthe target price is $3,000.
It is important to remember that he always says that bitcoin will end, that is, his position remains firm with the fall, which is to speak against the technology. However, when Bitcoin was worth $3,000 in 2018, he said that the digital currency was dead, which it was not.