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Bitcoin Down to Levels Last Seen in July 2021, Analyst Says Fall to dollar24.3K ‘Entirely Possible’

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As the Bitcoin price fell on Monday (May 9) to an intraday low of around $33,196 (on Bitstamp), which is the lowest it has been since 23 July 2021, one prominent crypto analyst explained why the $BTC price could be headed to as low as $24,300.

Head of Market Research at Bitcoin Magazine, Senior Research Analyst at UTXO Management, Co-Founder of 21st Paradigm, says that the worst may be far from over since historically in near markets the Bitcoin price has fallen to its realized price (currently, around $24,300).

As for why Bitcoin is struggling right now — along with stocks and nearly all non-stablecoin cryptoassets — the main reasons is, of course, the macro headwind of rising interest rates (due to central banks trying to bring down inflation). Geo-political tensions are not helping either. And finally, this past weekend, the struggles of the Terra ($LUNA) ecosystem made things even worse for the cryptoasset sector since some people now fear that if things get really bad, Luna Foundation Guard might end up having to sell some/all of its Bitcoin holdings, which could lower the price of Bitcoin.

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