Bloomberg: the history of bitcoin indicates that it could fall to 13,000

Source: Bloomberg

Authors: Akshay Chinchalkar

Article: Original article

Publication date: Thursday, November 10, 2022

Bitcoin has yet to fall before it can find a support for any kind of recovery, if we judge by the severity of previous declines. 

While the major cryptocurrency's drop of nearly 75% from its 2021 high has already sent shockwaves through the markets, it needs to fall below $13,000 to start matching the scale of previous falls. 

The question regarding the amount of time it will take remains open: the current decline is longer than the average of previous cases, but is still seven weeks shorter than the decline which ended in 2015.

Forecast:

After a severe 24% drop over the past 2 days, bitcoin today is trying to at least partially recoup its losses. Going forward, the downtrend can easily continue, but there is still an intermediate mark of 13970, the 2019 high, before the 13000 level.