Bitcoin Plummets 64.3%, Analyst Predicts Further Decline to $16,700

• Bitcoin suffered a significant price drop in 2022, closing the year with a median value of $28,171, losing 64.3% of its price for the year.
• Technical indicators of Bitcoin reveal that its network as well as investors and holders are currently at a loss and are in danger of incurring more losses.
• An analyst for CryptoQuant predicts that Bitcoin might decline further all the way down to $16,700 during this bear market.

The world of cryptocurrency has been rocked by the collapse of crypto exchange FTX back in November 2022. The company filed for Chapter 11 bankruptcy in a U.S. county court, leading to its implosion in a matter of days. As the main driving force behind the crypto market, Bitcoin was greatly affected by the development, resulting in a significant price drop for the year.

According to BTC data aggregator Statmuse, Bitcoin had an average price of $47,500 in 2021 but it closed last year with a median value of $28,171, losing 64.3% of its price for the year. This was a massive drop in value and it has left investors and holders worried about the future of the digital asset.

A quick analysis of some technical indicators of Bitcoin reveals that its network as well as investors and holders are currently at a loss and are in danger of incurring more losses. Gigisulivan, an analyst for CryptoQuant, has taken into consideration the digital asset’s Stock to Flow Reversion in coming up with the conclusion that BTC might decline further all the way down to $16,700 during this bear market.

The analyst predicts that Bitcoin will change hands within the $20,000-$22,000 range next week when the market opens, but there is still a possibility that the price could dip even further. Investors and holders of Bitcoin will have to wait and see how the market behaves in the coming weeks and months before they can make any decisions.

It is an uncertain time for the cryptocurrency market and many are hoping that the market will recover and that Bitcoin will be able to regain some of its lost value. For now, all investors and holders can do is wait and see how the market plays out and whether Bitcoin can make a comeback.