The largest cryptocurrency by market capitalization has been nosediving lately, with its price posting another substantial decline over the past 24 hours.
Multiple analysts believe the valuation could reach new lows in the near future, while one key indicator suggests a rebound could be on the horizon.
How Much Lower?
There’s no way to soften what’s been happening to BTC lately. Its price has lost over $20,000 in the past month alone, and several hours ago it dipped to nearly $61,000, the lowest point since early February. The reasons behind this carnage are many and various: Strategy’s historic decision to sell some Bitcoin, the escalating conflict in the Middle East, the massive outflows from spot ETFs, and the bear market reigning across the broader crypto market.
Currently, the asset trades at around $62,500, which is a slight comeback, but according to numerous industry participants, the worst is yet to come.
Ali Martinez recently claimed that the plunge below $72,000 has pu
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