In a publication made by Glassnode, a cryptocurrency on-chain analytics platform, the ongoing bearish run in the crypto market is expected to continue, after a further downward movement in price.
Bitcoin faces a two-year low value
Despite beginning the year in a rather humble fashion, trading just below the $30,000 region, the price of Bitcoin soared to an all time high of over $68,000 by the last quarter of last year. The boom resulted in Bitcoin being tipped for unimaginable greatness.
Many key proponents gave their takes on the matter with a few expecting the coin to close 2022 at around $200,000, if not higher. Then came the crypto winter by late November and early December, which had a massive impact on the global crypto market.
The highly valued digital asset suddenly lost much of its value and within a few months, a seeming resistance was found around the $30,000 region. Fresh expectations were born but things have gone worse.
According to available statistics, the ongoing bearish run is almost a reflection of what had happened in 2015 and 2018. Also, investors are naturally expected to react to the ongoing trend with a massive sell-off.
