Arcane Research researchers compared the declines of the first cryptocurrency over past market cycles. According to them, the bearish potential in bitcoin price continues up to the $10,350 level.

“Over its 13-year history, bitcoin has gone through several boom and bust cycles. The current 222-day 73% drop may seem painful. However, hodlers were tested much more difficult in 2013 and 2017, ”the experts wrote.

According to his observations, after the peak in November 2013, the price of the cryptocurrency has bottomed out by 85% in 407 days.

The bear market that followed $20,000 in December 2017 was similar in its characteristics. For 364 days, the price of digital gold fell 84%.

“If Bitcoin follows the trajectory of these cycles, the bottom can be reached around $10,350 by the end of the fourth quarter of 2022.”

Analysts noted that in recent years macro factors have begun to affect bitcoin more: financial markets, rate changes fedUS elections and regulation of the crypto industry.

Arcane Research representatives emphasized that the current quarter is the worst in the history of the first cryptocurrency for investors.

According to them, a “cocktail of unpleasant events” contributed to the drop in prices, including the collapse of Terra and serious problems with Three Arrows Capital.

Earlier, a crypto-bullet technical analyst let the bitcoin price drop to $12,000 if the $18,600 level doesn’t stop under the attack of the bears.

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