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Bitcoin’s History Shows Room for Drop to $13,000

Bitcoin has further to fall before it finds a base to stage any recovery, if the depth of previous routs is any guide. While the crypto currency’s near 75% plunge from its 2021 high has already sent shock waves through markets, it would need to fall below $13,000 to begin matching the magnitude of previous drawbacks. How long it could take to get there is an open question: the current slump is longer than the average of past cases but still seven weeks shy of the tumble that ended in 2015.

Akshay Chinchalkar
Bitcoin’s History Shows Room for Drop to $13,000
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A security cage protects the automated teller machine (ATM) of a cryptocurrency kiosk in Antwerp, Belgium, on Monday, June 6, 2022. Bitcoin has been trading around the $30,000 level for weeks now, defying predictions of a potential further decline but also struggling to gain upward momentum as the broader US market has also taken a beating. Photographer: Valeria Mongelli/Bloomberg" />

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(Bloomberg) -- Bitcoin has further to fall before it finds a base to stage any recovery, if the depth of previous routs is any guide. While the crypto currency’s near 75% plunge from its 2021 high has already sent shock waves through markets, it would need to fall below $13,000 to begin matching the magnitude of previous drawbacks. How long it could take to get there is an open question: the current slump is longer than the average of past cases but still seven weeks shy of the tumble that ended in 2015.  

(Corrects year to 2015 in last sentence.)

More stories like this are available on bloomberg.com

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