BTC Drops Below $20K, End of Bear Market?

• The price of Bitcoin (BTC) has fallen below $20K for the first time since 2020.
• BTC’s price sank to as low as $17,593 at one time on Saturday, a 13 percent decline.
• Price recovered to $18,556 on Sunday, a 9.22 percent price decrease.

The price of Bitcoin (BTC), the largest cryptocurrency by market cap, has fallen below $20K for the first time since 2020 as the cryptocurrency market selloff continues.

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According to crypto market tracker CoinMarketCap, BTC’s price sank to as low as $17,593 at one time on Saturday, a 13 percent decline. The price of Bitcoin then recovered to $18,556. However, this is a 9.22 percent price decrease. As a result, Bitcoin has lost more than 70% of its value since reaching a high of $68,000 in 2021.

Looking at the weekly chart for BTC/USD, the price of BTC has breached the $20k mark, indicating that the crypto selloff is still ongoing. The market last saw a similar price movement on the weekly chart between July 2019 and March 2020, as shown on the chart.

If the prior occurrence of similar price movement on the daily chart is any indication, investors may have a lot to look forward to.

Following the previous price drop of this size, BTC had a 7-month rally. During this time, BTC achieved new all-time highs and experienced enormous deleveraging across the board, with its price rising from around $4.5K to its peak of $68,000.

Even if the current crypto market landscape appears to be bleak, there may be a lot to look forward to from current price levels onward. The best plan may simply be to ride out the weak market.

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