Bitcoin Hit $18k, Road to $100k

• Bitcoin (BTC) has fallen below the $20k price level for the first time since December 2020.
• During this month of June, BTC has decreased for 12 consecutive days.
• Cryptocurrency market capitalization is somewhat more than $820 billion, down from $3 trillion.

As the crypto market continues to deteriorate, Bitcoin (BTC), the most valuable cryptocurrency, has fallen below the $20k price level for the first time since December 2020.

During this month of June, BTC has decreased for 12 consecutive days. It dropped 12% to $18,700 early today after trying to achieve $21,337 in the previous 24 hours.

Ethereum (ETH), the second competitor, fell below the $1,000 mark alongside Bitcoin (BTC). So far, ETH has reached $977, representing an 11 percent loss in 24 hours. This new pricing level is the lowest since January 2021.

Read More: Bitcoin drops below $20,000 for the first time since 2020

Mike McGlone, an analyst for Bloomberg Intelligence, argued that BTC may “build a base around $20,000 as it did at $5,000 in 2018-19 and $300 in 2014-15.”

Despite the market turmoil, CEOs of prominent blockchain firms such as Samom Mow and Adam Back believe BTC will reach $100K.

So that makes 2 people calling for $100k #Bitcoin this year. Me and Adam.

In the darkness of the dip, few can see the light. https://t.co/6v4iAIJaad

— Samson Mow (@Excellion) June 17, 2022

The cryptocurrency market went into reverse late last year, and the momentum hasn’t stopped since. The present market is a fraction of what it was in late 2021 when BTC was trading near $69,000. Cryptocurrency market capitalization is somewhat more than $820 billion, down from $3 trillion in November 2021.

The most severe instance to date is the Terra blockchain’s implosion last month and the recent move by crypto lender Celsius Network Ltd. to restrict withdrawals. Terraform Lab’s stablecoin, UST, lost its $1 peg, resulting in a more than 10,000 percent drop in Terra LUNA, costing investors more than $60 billion.

Read More: What to do if you’ve got a Bitcoin investment