The asset is in danger of experiencing its worst performance quarter in over a decade, with bitcoin still suffering from negative price movements and dropping below $20,000 twice in June.
Bitcoin’s 60% Q2 Drop
Coinglass data has shown that the primary cryptocurrency fell by 60% in Q2. The decline will be over as June comes to an end.
Although there’s still some time left, the situation seems quite dire, and the asset is close to marking the worst quarter in terms of price movements since the analytics resource keeps score. It seems like history won’t repeat itself, as Q2 is usually a bullish period in bitcoin.
BTC was at its lowest point in Q4 2018. This was during the year-long bearish market. BTC declined by just more than 40% to less than $4,000. It’s worth noting that last year’s Q2 was also quite bearish for the asset, with a three-month decline of 40.36%. This came despite bitcoin’s surge to an all-time high at the time in April.
The current negative state in the BTC landscape can be seen by breaking things down. It was nearing $50,000 at the end Q1. But it was unsuccessful and entered the longest run of consecutive weekly candles that closed in red (9).
June was particularly hard for bulls, as BTC has fallen by 40% in the past 30 day. This led to an 18-month low at $17,500 a few days ago. Bitcoin reclaimed some ground the week after, but still falls below the $20,000 mark.
The Bottom is Not Here
The number of analysts trying provide fresh perspectives on the subject has risen dramatically as cryptocurrency dumping has reached new lows. Many are now holding bearish perspectives, as is to be expected.
Fundstrat strategists are generally bullish about bitcoin and have reversed their price predictions regarding the asset’s short-term future. They noted that bitcoin could drop to $12,500. With a similar forecast, the author of Rich Dad Poor Dad – Robert Kiyosaki – said he will buy more BTC if it drops to $11,000.
On the opposite corner sit Bitfury’s CEO – Brian Brooks. As the asset’s network is still highly utilized, Brooks believes it will rise quickly. JPM analysts are also of the same opinion. This suggests that the bottom might have been reached before.