Bitcoin could fall massively in price from $19,000 levels

Bitcoin has been on the back foot for 10 months straight and it has barely rallied in 2022. BTC was at $35,000 levels in early January and it is now down almost 50% to $19,000. The king crypto threw away all the gains it generated last year, and the majority of the holders are now underwater.

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Despite a 70% drop from the all-time high of $69,000, analysts can’t figure out when BTC might bottom out. The global macroeconomic factors are hindering the market’s growth, making it more difficult for analysts to pinpoint BTC’s direction.

Cryptanalyst Aaron Arnold believed that Bitcoin’s only direction from $19,000 is down. The analyst compared BTC’s current situation to the 2018 market crash where it eventually fell another 50% from $6,000. Arnold stated that BTC is consolidating around $19,000 levels just like how it consolidated to $6,000 in 2018 before falling 50%.

Therefore, the analyst predicted that Bitcoin will lose another 50% of its current value and reach close to the $10,000 level.

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“Bitcoin consolidated near $6,000 and eventually fell by 50%. Back then, from my memory, many people thought that Bitcoin was the bottom. Today, many people think that we don’t have much further to go, and usually everyone thinks the same. » he told Kitco News.

Arnold has predicted that Bitcoin could fall anywhere between $11,000 to $14,000 levels in the coming months. He even stated that he would not be surprised if BTC plunges to $6000 due to the bearish conditions.

Bitcoin: The Path Forward

Data and analytics firm CryptoQuant recently published a report showing that BTC’s trading volume has dropped significantly since September. Both the bulls and the bears show disinterest in Bitcoin as the crypto shows no signs of volatility.

“As of about September 9, 2022, it is quite clear that volumes in both the spot crypto market and the derivative crypto market are essentially sideways. Pronounced peaks and troughs indicating that interest (in Bitcoin) from both bulls and bears is low.” report read.

The development suggested that investors are giving up on Bitcoin as the crypto is not delivering the desired results.

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At press time, Bitcoin was trading at $19,298 and is down 1.3% in 24-hour trading.