Bitcoin to set a new record 9-week losing
As May comes to a close, cryptocurrency markets take off on their own — but not in the way that everyone expected. On May 29, Bitcoin (BTC) threatened to extend an unparalleled losing run as BTC/USD remained in a narrow intraday range. Data from Cointelegraph Markets Pro and TradingView indicated that the most prominent cryptocurrency was on track for the most extended nine-week slump.
Bitcoin’s weekly chart closes, already at a dubious record, provided the backdrop to a downturn that disappointed observers over the weekend. Even stock markets, which have been hampered by central bank tightening, managed to gain ground this week, while Bitcoin and the bulk of altcoins lost ground.
As a result, BTC/USD close the month down roughly 22%. It would make May 2022 the second-worst month in Bitcoin history, according to data from on-chain monitoring service Coinglass. Meanwhile, a look at downtrends over time indicated that the current decline from highs was the fourth-longest ever, now at 200 days.
According to analyst Matthew Hyland, the longest-ever such decline occurred in 2014-15 and lasted more than twice as long.
In a new video update, the analyst informs his 439,000 YouTube followers that his “bear case” for Bitcoin in 2030 is $576,000, a 1,886 per cent increase from current pricing. The crypto expert also considers gold’s market cap and speculates that Bitcoin might someday reach 40%, 60%, or 100% of the precious metal’s market cap, equating to $514,815, $785,955, or $1.30 million, respectively, by 2030. The analyst also provides a third price estimate for Bitcoin, which he calculated by averaging several prominent models from Fidelity, ARK Invest, and others. Combining the three previously mentioned price predictions yields an average “anticipated” objective of $785,955 for Bitcoin, with $576,389 representing the low end of the spectrum and $1.55 million representing the most optimistic forecast BTC.