Bitcoin sets news 2022 lows as analyst says trip to $24K realized price ‘entirely possible’
Bitcoin (BTC) set a new record low price for 2022 on May 9 as crypto markets continued selling off prior to the Wall Street opening.
Data from Cointelegraph Markets Pro and TradingView confirmed the firmly bearish achievement for BTC/USD, which hit $32,637 on Bitstamp.
With the latest installment of a string of losses in May, the pair continued to trade under $33,000 at the time of writing, with weekly losses now at 15%.
“Bitcoin sweeping the lows here, that’s probably next liquidity,” Cointelegraph contributor Michaël van de Poppe told Twitter followers in one of several posts on the day:
$30,000 forms a popular floor level among commentators, which some nonetheless believe that Bitcoin could dive to $25,000 or even lower.
28.8k incoming https://t.co/FC7EZABqgD
Among this week is Dylan LeClair, who identified Bitcoin’s realized price — the total at which each coin last moved — as a likely target.
“A bitcoin dip down to it's realized price (average on-chain cost basis) is entirely possible and has been consistent with previous market bottoms in bear market cycles,” he began a Twitter thread by stating on May 9:
LeClair added that such a capitulation would have been “unlikely” without accompanying weakness in traditional markets. This year, however, has provided just that impetus.
Going back to December, I outlined this possibility and prefaced it with the opinion that it's unlikely to occur unless a significant liquidity crises emerged in legacy markets.Well, it looks like we're getting one. Stay safe out there.[3/3] pic.twitter.com/qJtNnkYysM
Bitcoin saw some support around the 2022 lows, so far avoiding a deeper retest of levels not seen since last year.
“We’ve seen renewed selling in Bitcoin and the wider digital token market as
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