With this pressure, Bitcoin more than 70% of value is left In the last year and far away are the famous $69,000 that he reached at the beginning of November of last year. The price at the time of writing this news is $16,270.70 for each Bitcoin.
How far can you fall?
From a technical point of view, Bitcoin could go to visit $12,000 which would have a domino effect on other smaller-cap “altcoins” that could correct another 40-50% from current prices. There are well-known cryptos such as the case of Polka Dot which has great technology to connect the different blockchains together, which accumulates a drop of 85% in the last year. Other popular ones such as Cardano also correct 80% or in the case of Ethereum the fall reaches 73% and the almost $5,000 that it reached is far away.
The chart above shows one of the most shared projections on social media in recent days, pointing to $12,000 as a possible bottom. The reality is that the fall of BlockFi it adds more pressure to the sector and could also drag down other companies such as Genesis, which is also seeking emergency financing since it had 175 million within FTX.
Maximum pressure for a sector that just a year ago was in iron health, in just 12 months it has wiped out the savings of many investors who thought they had found the manna.