Bitcoin, the largest cryptocurrency by market value, has moved with traditional markets lately. Behaving similar to a tech stock, the correlation between Bitcoin, the S&P 500, and the Nasdaq has hit all-time highs in recent months. For example, Bitcoin was skyrocketing in November 2021, hitting an all-time high of nearly $69,000. But less than three months later the cryptocurrency had lost nearly half its value, plummeting to around $35,000. That volatility attracts traders looking to make a profit, but it’s nerve-wracking, especially for new investors looking to get started. We have seen how the popular celebrities like Kim Kardashian and tech giants Elon Musk have talked about the declining values of cryptocurrencies and how it is affecting them.

All cryptocurrency transactions are recorded on decentralized ledger systems called blockchains, which let users transact namelessly, without registering a bank account or interacting with traditional financial gatekeepers. Amid the great crypto crash, a report says that Bitcoin investors are coming back even though major altcoins continue to bleed. The price of BTC fell even further as Terra LUNA disintegrated into ashes, wiping out most of investors’ wealth. Analysts have stated that BTC’s current upward momentum might be limited and a bullish price rally is one of the last things that investors should expect from the crypto. The year 2022 will much likely be similar to the 2018 bearish crypto market. Key indicators have estimated that according to the previous all-time dips in the bearish market conditions, the BTC price could be somewhere between US$14,000 to US$21,000. Such price developments generally discourage investors from diversifying their investment portfolios by indulging in digital assets. And if Bitcoin really falls as low as US$14,000 or even close to it, it would actually result in the loss of nearly 80% of its value from its all-time high of nearly US$68,000.

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