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Bitcoin Could Fall Below $24,000: Crypto Analysts

After crypto plunge, Bitcoin enthusiasts monitor US stocks

Renowned crypto news page Watcher Guru tweeted that according to many crypto analysts, there are high chances of Bitcoin going even below $24,000.

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).

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