Bitcoin (BTC) has reached its new low since 22 June, meaning the cryptocurrency has fallen below the 30,000 US dollar mark for the first time. The Bitcoin exchange rate quoted a price of 29.703 US dollars on Tuesday morning - which means a price slump of -6.53% compared to the previous day. After the big crypto crash at the end of May 2021, most cryptocurrencies were able to recover, but Bitcoin has fluctuated a lot since then. The last time it reached this low was on 22 June.
Bitcoin Price Crash: Below the 30,000 US Dollar Mark for the First Time
The Bitcoin price was recently in a sideways movement, but has fallen by -6.53% in the last 24 hours. For the first time since 22 June, the Bitcoin price thus fell below the 30,000 US dollar mark. The previous all-time high was reached on 14 April 2021 at 64,748.91 US dollars, since then Bitcoin has had to struggle with the infrastructure around cryptocurrencies as well as regulations around its mining centres.
Even though there was good news for Bitcoin in the meantime, when El Salvador announced that it would introduce Bitcoin as an official means of payment, the hoped-for turnaround did not happen. Since the crypto crash at the end of May 2021, Bitcoin's price has hovered between 28,000 US dollars and 42,000 US dollars. Nevertheless, the price fell below the 30,000 US dollar mark only once, on 22 June, which is now causing headaches for many investors.
Bitcoin price: Is the final crash coming?
The Bitcoin crash was predictable, as even experts like Robert Kiyosaki had expected the biggest crash ever. Star investor Michael Burry had also recently announced his predictions for a total crash of cryptocurrencies on Twitter. However, it is believed that Bitcoin will collapse to a maximum of 24,000 US dollars before the next rally begins again.
Bitcoin, like other cryptocurrencies and especially altcoins, has been hit hard by the sell-off in the markets. The stock market value of the crypto market is dropping significantly, bringing Bitcoin to its knees. However, apart from Bitcoin, other cryptocurrencies are also affected, and overall the cryptocurrency market is losing more than seven per cent.
Buy Bitcoin: Is it worth getting in now?
Analysts assume that the price of Bitcoin will have to really falter again before it can move upwards again. Although the current sell-off points to a total collapse, there is no talk of that yet. For Bitcoin, it currently means that you can get in relatively cheaply.
From November, the Taproot upgrade will be rolled out, which could really push the Bitcoin price up again. Experts expect the price to rise above the 100,000 US dollar mark. At the moment, however, it remains to be seen whether there will be a total crash or not. However, those who want to get into Bitcoin cheaply and believe in the recovery could do so now.
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