The cryptocurrency Bitcoin has had bad luck throughout 2022.
Bitcoin price has been falling steadily since early January 2022 due to various factors.
Although it had recovered at the end of March, the price of Bitcoin continued to fall significantly in the following months.
When this article was written, 1 piece of Bitcoin has a price equivalent to USD 18,357 or around IDR 272 million.
This price was recorded as the lowest Bitcoin price since November 2020.
The largest cryptocurrency is down about 70% from November 2020.
The actions of the Federal Reserve and fears of a recession have put huge pressure on financial markets and crypto is one of the assets affected.
Some analysts predict Bitcoin's "misfortune" will continue for the foreseeable future.
Reporting from Yahoo Finance Live , Valkyrie CEO Leah Wald said that she is not feeling optimistic about the price of Bitcoin for the next few months or longer.
"It's historically true that we've been through these types of storms, but we're in a 'bear market' right now, and it never feels good," Wald said.
"In the short term I'm very nervous about this market and I think we're going to suffer a lot for the next few months and potentially longer."
Managing Director of The Strategic Funds, Marc LoPresti said that he did not want to buy Bitcoin even though the price had dropped.
"Unfortunately, at this level I am not a buyer," said Marc LoPresti.
The reason not to buy Bitcoin revolves around the unstable international economic and financial conditions.
LoPresti said that he had heard from several traders who said they were ready to buy Bitcoin if it fell below USD 19,000.
However, once again LoPresti is skeptical of Bitcoin's future.
On the other hand, Anastasia Amoroso from iCapital said that the current drop in Bitcoin is still relatively healthy.
Anastasia considers the drop in Bitcoin price to be a good cleaning process that is being carried out.
"This is a kind of good cleaning process that we are going through. We need to get rid of the foam and we need to focus on applications that have useful utility until the end," Anastasa said as quoted by Yahoo Finance.
What do you think, friend The Newbie, will the future of Bitcoin continue to deteriorate or vice versa? Share your opinion in the comments column yes!
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