Bitcoin has a chance to fall by 50%, says Aaron Arnold

According to cryptocurrency analyst Aaron Arnold, the value of the flagship cryptocurrency has every chance of falling by 50% in the near future. The price chart of BTC is reminiscent of the 2018−2019 bear market, consolidating at $ 19,000-$ 20,000, as it consolidated around $ 6,000 then, Arnold told Kitco News.

#Bitcoin is still «highly correlated» with #stocks and could repeat the 2018 bear #market, crash another 50% at least says @AltcoinDailyio

Watch full interview w/ @davidlin_TV: https://t.co/OeIeP2Laj9 👈#KitcoNEWS coverage of @dxbontheblock is sponsored by @CoinPaymentsNET pic.twitter.com/sPjAh3rC5U

— Kitco NEWS (@KitcoNewsNOW) October 18, 2022

Aaron Arnold recalled that in 2018, analysts believed that bitcoin had reached the bottom when it fell to $ 6000, but these were false assumptions. After hitting $ 6,000, the price of BTC fell by another 50%, and this can happen now. «Back then, as far as I remember, many people thought that $ 6000 was the bottom. Today, many people think the same, but the biggest drops are still ahead,» the analyst emphasized.

According to Arnold, BTC could fall to the support level of $ 11,000 to $ 14,000 or even worse, to $ 6,000. Among the reasons for the possible fall, the analyst named a large number of bearish indicators in the market, including high inflation, dollar devaluation, large US loans, and a reduction in oil production.

Today, the flagship cryptocurrency has fallen in price by 1.70%, at the time of writing, bitcoin is worth $ 19,225, and its market capitalization is $ 368.96 billion.