Bitcoin (BTC) prices have consolidated around the $30,000 level for over a month, with few factors providing an upward boost.
BTC is currently trading at $30,318, largely unchanged from where it was in early May, according to data from Coinmarketcap.com.
The token has slumped over 50% from a record high hit in 2021, and is down 35% so far this year. A bulk of its losses have been driven by macroeconomic factors- rising inflation, interest rate hikes and the Russia-Ukraine war.
But even with its sharp losses this year, analysts fear that BTC is yet to find its bottom. Forecasts range from $28,000 to as low as $20,000 before a recovery.
Willy Woo says BTC bottom not in yet
Popular crypto analyst Willy Woo said on Twitter that despite BTC seeing some buying at lower prices, the token is yet to confirm a bottom.
