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Bitcoin (BTC) Price Hits A New Monthly Low, Further 20% Decline Possible

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December 20, 2022
in Bitcoin News, Bitcoin Price Analysis, BTC Price, BTC Price Correction, News
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Bitcoin (BTC) Price Hits A New Monthly Low, Further 20% Decline Possible
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The world’s largest cryptocurrency Bitcoin (BTC) has once again come under strong selling pressure and is not finding enough catalysts to move past the $17,000 resistance. A few hours ago, the BTC price tanked to a new low for the month of December at $16,277.

However, it has recovered the dip and is currently trading at $16,740 level. The equity market has been facing turbulence over the last weekend owing to macro factors and other developments in the crypto space.

Courtesy: Bloomberg

Market analysts are expecting further lows in the Bitcoin (BTC) price going ahead and the possibility of another 20% correction from here can’t be ruled out. Speaking to Bloomberg, Katie Stockton, founder of Fairlead Strategies LLC said:

“We expect a retest of the November lows, near $15,600, in the coming weeks” after a failed test of levels in the $17,000 to $18,000 range. “We ultimately expect Bitcoin to make a lower low, increasing risk to long-term support near $13,900″.

New Lows for Bitcoin and Crypto?

The year 2022 has witnessed one of the biggest crypto winters in the history of the industry. Bitcoin is down by 75% and a majority of the altcoins are down by nearly 90%. On the other hand, the Fed has made it clear that they would continue with rate hikes throughout the next year of 2023.

If so, there’s a strong chance of correction in the U.S. equity markets next year. With crypto having a greater correlation with U.S. equities, we can expect a further correction in the crypto market as well. In their latest report, blockchain analytics firm Nansen Research writes:

Given the Fed’s determination to maintain tightening for longer, our key scenario for 2023 is a US recession and a US equity sell-off. Crypto prices could experience one further (perhaps final) drop in this cycle before interest rates turn more favorable.

Also, crypto exchange Bitfinex explains a slowdown in trading activity this holiday season. “As we approach the end of the year many firms and traders take a break, however, the slowdown in trading activity brings with it the risk of higher volatility, given the declines in trading volume and liquidity,” it noted.

The post Bitcoin (BTC) Price Hits A New Monthly Low, Further 20% Decline Possible appeared first on CoinGape.

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