On Tuesday, November 8, the Bitcoin exchange rate fell to 18.4 thousand dollars. Since the end of September, Bitcoin has fallen below the $19,000 mark for the first time, as evidenced by data from the Binance crypto exchange.
The decline in the value of the cryptocurrency has been observed over the past three trading sessions. On the morning of November 8, Bitcoin fell below $20,000 for the first time since October 25.
At the beginning of 2022, the price of Bitcoin was 46.2 thousand dollars. Thus, over the past 9 months, the cryptocurrency has fallen in price by 2.3 times.
The rapid fall in the Bitcoin exchange rate in 2022 was foreseen by many experts in the field of cryptocurrencies. The research company Delphi Digital does not exclude that in the long term the price of Bitcoin could almost halve.
Analysts from Glassnode Insights noted that the cryptocurrency market is gradually moving towards the so-called bearish phase. This means that the value of assets in the market can drop sharply by 20% or more.