India, June 13 Bitcoin’s price fell sharply to around $25,600 on Monday, an 18-month low, as the crypto winter hit cryptocurrencies.
A spike in global inflation, especially in the US, contributed to a further loss of 7 per cent in the world’s largest cryptocurrency.
Since November 2021, Bitcoin (BTC) has fallen more than 60 per cent from its all-time high of over $68,000.
The price of Bitcoin could reach a grim $14,000 this year at this rate, according to analysts.In a recent Twitter thread, Venturefounder, a contributor to the on-chain analytics platform CryptoQuant, predicted that Bitcoin would “capitulate” in 2022.
“BTC will capitulate in the next 670 days and hit cycle bottom within the next 6 months ($14-21k), then chop around $28-40k in most of 2023 and be at *$40k again by the next halving,” the tweet read.
The likely bottom range of $14,000 would represent a drop of 80 percent for Bitcoin from its all-time high of $68,000.
Bitcoin’s second largest cryptocurrency, Ethereum (ETH), has also fallen significantly.
Over the weekend, ETH’s price fell below its 2018 peak, sending the second-largest digital asset lower.
ETH market has fallen below the ‘ETH Realized Price’ of $1,781 according to blockchain analytics provider Glassnode.
Cryptocurrency prices plunged by over 40 percent to $1,355 on Monday, resulting in unrealised losses of over 40 percent.