Bitcoin fell to a record low over the past 3 weeks

The bitcoin rate BTC $61,996.23 Bitcoin -2.25% Market capitalization $1.22 trillion VOL. 24 hours $1.32 billion has fallen to its lowest level this month. On Tuesday, December 20, the flagship cryptocurrency dropped to $ 16,277, the worst result since November 29. The leading altcoin ETH $3,415.80 Ethereum -1.73% Market capitalization $410.55 billion VOL. 24 hours $0.54 billion lost 2.1% in value and dropped to its lowest level since November 28. The slump in the major cryptocurrencies came amid a drop in the S&P 500 stock market index, as well as concerns about a potential rate hike by the US Federal Reserve.

«We expect BTC to retest November’s lows at around $ 15,600 in the coming weeks, right after failing to test levels in the $ 17,000 to $ 18,000 range. Ultimately, we assume that bitcoin will fall even lower to $ 13,900 as cryptocurrencies have had a tough, challenging 2022 — from the US Federal Reserve’stightening of regulatory policies to the collapse of the Terra-Luna ecosystem, hedge funds Three Arrows Capital and cryptocurrency exchange FTX,» said Katie Stockton, founder of Fairlead Strategies LLC, an independent financial risk researcher.

According to Bitfinex analysts, traders may also find it difficult to trade cryptocurrencies during the holiday season. «As the end of the year approaches, many financial companies and traders are taking a break, but the slowdown in trading activity carries the risk of increased volatility, given the decline in trading volume and liquidity,» the experts said in a report.

There are several different points of view regarding the price of the ETS in 2023. For example, Matthew Siegel, head of research at investment firm VanEck, is extremely negative: the analyst expects bitcoin to reach $ 12,000 or even $ 10,000 in a few months. «Bitcoin will test $ 10,000 to $ 12,000 in the first quarter of 2023 amid a wave of miner bankruptcies, which will be the lowest point of the cryptocurrency winter,» Siegel said.

In contrast, a representative of the CEO of Solana NFT club voiced higher forecasts, expecting a sideways movement in the range of $ 18,000 to $ 19,000. Due to the global economic crisis, large-scale bankruptcies in the crypto sector, and the US Federal Reserve’s interest rate hike, there is no hope for the growth of the Crypto market to reach historical highs in the near future, so the representative of Solana NFT club is convinced that the crypto winter will end in 2024.