Bitcoin hits lowest level since 2022 as analysts believe it is entirely possible to reach $ 24,000 price

Bitcoin (BTC) set a new all-time low for 2022 on May 9 as cryptocurrency markets continued to sell ahead of the opening of Wall Street.

BTC price breaks below the $ 36,700 mark.

Data from Cointelegraph Markets Pro and TradingView confirmed the bearish realization of BTC / USD, which won $ 32,637 on Bitstamp.

With the latest episode of Strike Lost in May, the pair continued to trade under $ 33,000 at the time of writing this report, with weekly losses now at 15%.

“Bitcoin sweeping the lows here is probably the next liquidity,” it said declared Cointelegraph participant Michaël van de Poppe with his Twitter followers in one of the day’s major posts:

“We could go towards the $ 30-31k as it is a daily block, but I would like to try to get around those regions.”

$ 30,000 is a common low among commentators, some of whom nevertheless believe that bitcoin could drop to $ 25,000 or even lower.

28.8k coming in https://t.co/FC7EZABqgD

– Matthew Hyland (@MatthewHyland_) May 9, 2022

28. 800 in sight https://t.co/FC7EZABqgD – Matthew Hyland (@MatthewHyland_) May 9, 2022

Among them this week was Dylan LeClair, who identified the realizing price of bitcoin – the total on each coin traded last time – as a likely target.

“A complete reduction in the realization price in bitcoin (average chain cost on the chain) is possible and was in line with the previous market downturns in bear market cycles,” he said.

“The current realization price is $ 24,300.”

LeClair told him that such capitalization would be “likely” without compromise weakness in traditional markets. However, this year has precisely given this impetus.

Going back to December, I outlined this possibility and predicted that it is unlikely to happen unless significant liquidity crises emerge in legacy markets.

Well, it’s like we’re getting one.

Stay safe out there.

[3/3] pic.twitter.com/qJtNnkYysM

– Dylan LeClair (@DylanLeClair_) May 9, 2022

As early as December, I mentioned this possibility, saying that it was unlikely to happen unless a major liquidity crisis hit the traditional markets. Well, it looks like we will have one. Be careful. [3/3] pic.twitter.com/qJtNnkYysM – Dylan LeClair (@DylanLeClair_) May 9, 2022

Bitcoin has seen some support around the 2022 low, so far avoiding deeper iterations at levels not seen from last year.

“We have seen a recovery in bitcoin sales and the wider digital signage market as the prospect of higher interest rates and a deteriorating economic environment continues to weigh on risky assets,” said analysts from the main exchange. Bitfinex with Cointelegraph privately.

“In Europe, equities have fallen sharply, with the Nasdaq hitting the biggest one-day fall since June 2020. Investors leaving their jobs could add some momentum to the long sell we have seen in recent days anuas. ”

LUNA stands out in an altcoin raid

In the context of accelerated sales, altcoins also started to lose a lot of value.

See also: Six consecutive weeks of losses, the first since 2014 – 5 things to know about bitcoin this week

Ether (ETH) traded below $ 2,400 for the first time since February 24, down 7% on the day, in line with most of the top ten currencies by market cap.

The largest weekly losses in the top 10 were recorded by Terra (LUNA), which lost 27% due to controversy over its stablecoin TerraUSD (UST).

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