At $20,894, Has Bitcoin (BTC) Bottomed Out?

Today, Bitcoin is up 5.45% with a rate of $20,894 (BTC/USD). This morning’s climb marks the second consecutive day the BTC rate has increased, but that’s not enough to have some analysts wondering if the Bitcoin rate has bottomed out.

The Bitcoin Situation Is Dire

Even though Bitcoin is up today, if you look at the year-to-date progress of this coin, you can see that it is about as low as it has been all year. The lowest point this crypto achieved in 2022 was $17,744, which happened about this time last month. Bitcoin’s rate hasn’t climbed much since then, unfortunately, and the trend for the year has been mostly downward.

Bitcoin still retains its tops spot among cryptocurrencies, but the entire is market is down, trending in the same bearish way. All year long, we have seen small crashes and a steady downward trend for the crypto marketplace. Bitcoin may have the top spot, but it is heading up a falling market and setting the standard for the rest of the crypto tokens.

As Bitcoin goes, so too goes much of the market. There are a few aberrations that stand out, but among the major cryptos, we see a trend of following Bitcoin’s path. If Bitcoin can hardly stay above $20,000, it’s a lot worse off than it has been in past years.

Bitcoin Has Had a Rough Year

It was just last year that Bitcoin achieved its all-time high, but that didn’t last, and we have only seen an overall trend of decline since then. This coin spent most of 2020 climbing higher and higher and then much of 2021 breaking records. For a while there, it seemed like cryptocurrency was doing very well and that Bitcoin was headlining a fresh and exciting market that was ripe for investment.

From early this year, though, things have changed for crypto. Bitcoin’s investors keep dropping the coin, and we have seen a max exodus from other cryptos as well, pulling down the entire market. Investors don’t seem interested in waiting for the market to turn around. However, Bitcoin still has a trade volume of more than $32 million over the last 24 hours. There is a lot of activity for the market right now, but we have seen that drop month over month.

It’s possible that right around the $20,000 mark is where Bitcoin will bottom out and either stay there or climb higher. Or, we could see the coin go further down to unprecedented lows. We are in uncharted territory for crypto, and it’s anyone’s guess where we are headed.