Renowned crypto news page Watcher Guru tweeted that according to many crypto analysts, there are high chances of Bitcoin going even below $24,000.
JUST IN: Crypto “analyst” says $24,000 #Bitcoin is 'entirely possible'
— Watcher.Guru (@WatcherGuru) May 10, 2022
Bitcoin price analysis
The aggressive monetary tightening by the United States Federal Reserve and recession worries sparked a sell-off in conventional financial markets and cryptocurrencies on Tuesday, with Bitcoin (BTC) falling below $30,000 for the first time.
The biggest crypto by market cap last went below $30,000 on July 20, 2021, when it touched $29,301 before recovering.
In comparison, the 2018 crypto bear market saw an 80 percent peak-to-trough drop in bitcoin’s value, which is now around 50% lower than its all-time high of $69,000 in November of last year.
During this month’s Federal Reserve meeting, the central bank lifted its benchmark interest rate by 50 basis points (0.5 percentage points).