With bitcoin continuing to experience adverse price movements and dumping below $20,000 for the second time in June, the asset is on the brink of registering its worst-performing quarter in about a decade.
Bitcoin’s 60% Q2 Drop
Data from Coinglass shows that the primary cryptocurrency is down by almost 60% in Q2, which will end as June becomes history.
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. As such, it seems that history will not repeat itself as Q2 is typically a bullish period for bitcoin.
The previous record came in Q4 2018 (during the year-long bear market) when BTC dropped by just over 40% to below $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.
Breaking things down shows the current negative state of the BTC landscape. The asset stood high at the end of Q1 when it neared $50,000. However, it failed there and actually entered its longest streak of consecutive weekly candles closed in the red (9).
June has been particularly painful for the bulls as BTC is down by 40% alone in the past 30 days. This resulted in an 18-month low of $17,500 about ten days ago, and even though bitcoin reclaimed some ground in the following week, it still stands below the coveted $20,000 line.
With the cryptocurrency dumping to new lows, the number of analysts trying to provide a fresh take on the matter has skyrocketed. Somewhat expectedly, most are carrying bearish perspectives now.
Fundstrat strategists, generally bullish on BTC, have reversed their price predictions for the short-term future of the asset. As such, they noted that bitcoin could dump 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. He thinks the asset will shoot up soon as its network continues to be highly utilized. JPM analysts also share a similar view, indicating that the bottom could have been set in already.