Prices for cryptocurrencies are plunging to a low that investors have not witnessed since 2022. This was considered one of the worst years as the downfall of firms like FTX and Terraform Labs shook the market. Currently, there are more nuanced causes behind the decline, major assets like Bitcoin [BTC] and Ethereum [ETH] were recording a double-digit dip.
Bitcoin, in particular, went from a high of $60,506 down to a low of $49,500. The king coin’s price momentarily dropped below $50,000, hitting a low not seen since February. In the past seven days, its value has dropped by over $13,000. At press time, BTC was trading at $54,333 with an 8.46% decrease over 24 hours.
While the market was expecting a bounce back, some investors were concerned that Bitcoin would fall further lower. Richard Heart, the creator of HEX, stated that Bitcoin is going to see significant corrections and will drop to $11,000 in the upcoming collapses. He pointed out that Bitcoin often descends 85% from its peak. Speaking to Kitco News, David Lin said,
“I think Bitcoin will tap around $10,000 from its high because that’s what it normally does, it drops 85%. Ethereum usually drops 95% because it has lower liquidity so it acts like a leverage position on Bitcoin, to some degree.”
Also Read: Bitcoin [BTC] Dips Below $50,000, Here’s Why
”Predicted it forever”
When WatcherGuru reached out to Richard Heart and asked him if he thought BTC would hit $11,000, he confirmed it and said,
“Yep, I’ve predicted it forever. Bitcoin drops 85% in bear markets usually.”
While it is uncertain if BTC could dip to such a low, most investors have been hoping to see a new all-time high for the asset sooner rather than later.
Also Read: Bitcoin Predicted To Reach $70,000 Again: Here’s When