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Bitcoin records its worst quarterly close in 11 years!

Bitcoin records its worst quarterly close in 11 years!

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Answer Bitcoin records its worst quarterly close in 11 years!

The world’s largest cryptocurrency set another disappointing record amid an ongoing bear market.

Bitcoin has been going through a difficult year since January after it recorded a massive drop in its value due to several unfortunate incidents.

Bitcoin continues to record low stats and numbers amid the ongoing bear market and it doesn’t look like it’s going to end anytime soon.

For many followers, the ongoing bear market is seen as the toughest since the start of the emerging asset class, as investors have seen a significant shrinkage in the value of their investments.

Today, July 1st, Bitcoin recorded its worst quarterly loss in 11 years.

In the past three months, the price of bitcoin has fallen by 58%, according to data from crypto-tracking service Coinmarketcap.

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Bitcoin traded at around $46,735 on April 1 starting with the second quarter of 2022 and closed in June at $19,918.

Aside from the negative quarterly record set by Bitcoin, the cryptocurrency also posted a disappointing monthly close.

For the first time ever, the monthly Bitcoin candles closed below the MA50 (21.5K).

Bitcoin has been going through a difficult year since January after it recorded a massive drop in its value due to several unfortunate incidents.

Investors disappointed:

Many bitcoin investors had high expectations this year, predicting that the price of the world’s largest cryptocurrency by market capitalization would reach $100,000 by the end of the year.

Unfortunately, things did not go as expected, as the world’s largest cryptocurrency continued to lose a significant portion of its value since the beginning of the year.

It is worth noting that Bitcoin started the year at $47,000 after hitting an all-time high of $69,044 on November 8, 2021.

Then the price of Bitcoin fell below $20,000 for the third time in one month.

In just the last 30 days, the price of bitcoin has fallen by 38%, with the value of bitcoin unstable.

Read:Bitcoin recovers $20k level, JP Morgan warns of massive BTC selloff

Bitcoin is trading at $19,626, down nearly 72% from an all-time high of $69,044.

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Experts see the bottom of Bitcoin at around $10,000 or $14,000

After the massive drop in the value of Bitcoin, many investors have no choice but to think about when Bitcoin will finally hit the bottom.

According to a survey conducted by veteran trader Peter Brandt, the vast majority of respondents believe that Bitcoin has not found the bottom yet.

Some analysts, including Brandt, expected Bitcoin to bottom at around $10,000 to $14,000.

The good news is that some financial experts from investment banking firm JPMorgan expect the crypto winter to end soon as the market has weathered much of the bear market’s woes.

Read also:

Crypto company “Coinbase” prefers to expand into several new countries… Why this move now?

Report: Hacking of the latest “Harmony” crypto project linked to North Korean hackers


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