Bitcoin (BTC) set a new all-time low for 2022 on May 9 as crypto markets continued to sell off ahead of Wall Street’s open.
BTC price drops below $36,700
Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD’s sharp bearish performance, which hit $32,637 on Bitstamp.
The latest in a string of losses in May, the pair remained trading below $33,000 at the time of writing, with weekly losses now at 15%.
“Bitcoin is sweeping the lows here, this is probably the next liquidity,” said Cointelegraph contributor Michaël van de Poppe told Twitter followers in one of several posts that day.
“We could go towards $30-31Kish as this is a daily block but I would look at longs in these regions.”
$30,000 is a popular floor among commentators, with some nonetheless believing Bitcoin could drop to $25,000 or even lower
28.8 000 incoming https://t.co/FC7EZABqgD
— Matthew Hyland (@MatthewHyland_) May 9, 2022
Among them this week is Dylan LeClair, who identified bitcoin’s realized price — the amount each coin last moved to — as a likely target.
“Bitcoin falling back to its realized price (average on-chain cost basis) is entirely possible and consistent with previous market bottoms in bear market cycles,” he began a May 9 Twitter thread.
“The realized price is currently $24.3K.”
LeClair added that such a capitulation would have been “unlikely” without the accompanying weakness in traditional markets. This year, however, provided precisely that impetus.
Back in December I outlined this possibility, prefixing it with the view that it is unlikely to materialize unless there is a significant liquidity crisis in legacy markets.
Well, it looks like we’re getting one.
stay safe out there
— Dylan LeClair (@DylanLeClair_) May 9, 2022
Bitcoin saw some support around the 2022 lows and has so far avoided a deeper retest of levels not seen since last year.
“We have seen renewed selling in Bitcoin and the broader digital token market as the prospect of rising interest rates and a deteriorating economic environment continue to weigh on risky assets,” meanwhile, analysts at major exchange Bitfinex told Cointelegraph in private comments.
“In Europe, stocks are sharply lower after the Nasdaq experienced its biggest one-day decline since June 2020. Investors exiting positions could add some momentum to the protracted sell-off we’ve been witnessing over the past few days.”
LUNA stands out among altcoin routers
Thus, amid an accelerating sell-off, altcoins began to lose significant value.
Related: First 6-week losing streak since 2014 – 5 things to know in Bitcoin this week
Ether (ETH) traded below $2,400 for the first time since Feb. 24, down 7% on the day, in line with the majority of the top ten cryptocurrencies by market cap.
The biggest weekly losses in the top ten were Terra’s LUNA token, which lost 27% on controversy surrounding its TerraUSD (UST) stablecoin.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.
https://cointelegraph.com/news/bitcoin-sets-news-2022-lows-as-analyst-says-trip-to-24k-realized-price-entirely-possible Bitcoin sets fresh 2022 lows as analyst says a trip to a realized price of $24,000 is “quite possible.”