Newcomers to bitcoin were dished up their first real taste of what it’s like to live through a crypto cliff dive. BTC is down 45% from its November 2021 peak, and 24% since the start of the year. Read: Crypto crash erases more than $1trn in market value Crypto losses deepen with bitcoin tumbling below $34 000 But as the chart further down shows, we’ve been here before. After peaking above R300 000 in December 2017, BTC dropped 84% in the subsequent year.
“Bitcoin may more accurately be viewed as the Short Everything trade,” he writes. Source: CoinMarketCap and Visual Capitalist Kraken Intelligence’s technical analysis of the market should give long-term crypto holders some cause for hope. BTC is trading at 1.85 times above its 200-week moving average , down from last week’s multiple of 2.19 times.
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