(BTCOn June 18, ), dropped to $17.622, an astonishing drop of 5%. This marked the first time in Bitcoin’s history that it has fAll below its prior cycle high. The United States Federal Reserve’s aggressive monetary tightening, a crisis at crypto lending platform Celsius and liquidity issues at investment fund Three Arrows Capital are creating a sense of panic among traders.

Holger Zschaepitz is a Markets Commentator. He stated that Bitcoin had “rediscovered” its value. Four times, more than 80% of the time in history. According to historical standards, the fall at 74% is still within reach. Similar bear markets were experienced in the past. It topped out below the 200-week moving medianMarket analyst Rekt capital says that the current price of Bitcoin is around $0.20. Bitcoin will not remain at its current, low level for long if the past repeats itself.