Cryptocurrency expert predicts bitcoin’s fall to $ 13,800

Cryptocurrency market expert and mining analyst at Braiins Zach Voell shared his forecasts for the flagship cryptocurrency. Having studied the behavior of the BTC in previous periods between highs and lows, Voell concluded that bitcoin will cost $ 13,800 in the near future.

As the analyst explained, he studied the behavior of the BTC exchange rate in 2011, then in 2013−2015 and 2017−2018, paying attention to the current cycle that began in November 2021. During the last two bearish cycles, BTC lost more than 80% of its peak value. If history repeats itself, the bitcoin rate will fall to $ 13,800 or even lower.

An analyst at Braiins noted that the 2011 bear cycle led to a 95% drop in the BTC price. However, this happened when the cryptocurrency was practically unknown and was not on the way to mass adoption. Today, the situation is completely different: despite strong volatility, bitcoin was the most profitable asset in the third quarter of 2022.

One of the reasons for the possible further decline of the CTC is the escalation of the Russian-Ukrainian war. After all, Russian military aggression affects not only Ukraine but also the entire world and traditional markets. The value of cryptocurrencies directly depends on the state of affairs in traditional markets, which in turn react negatively to the Fed’s attempts to fight inflation (by raising interest rates). At the time of writing, the value of bitcoin is $ 19,085.