Bitcoin (BTC) saw its second-worst year to date (YTD) in 2022 since launch — predicted to remain flat through 2023, according to Arcane Research (AR).
Down 65% by the end of 2022, BTC performed worse on only one other occasion — in 2018, down 73% on the YTD.
Source: Arcane Research
Compared to gold and S&P 500, cryptocurrencies took the biggest hit to value in 2022 — falling sharply in May 2022 and mid-June 2022, according to AR data.
“The crypto winter of 2022 was fueled by tightening macro conditions and vastly exacerbated by crypto-specific leverage and awful risk management by core market participants.”
AR said that — if reached in 2023 — the next BTC market bottom “will be the longest-lasting BTC drawdown ever.”
“2023 prediction: Bitcoin will trade in a predominantly flat range this year, but close 2023 at a higher price than the yearly open.”
After a year of central bank tightening, 2022 became “one big dollar trade,” as assets all became repriced wh
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