Bitcoin has fallen for a record 8 consecutive weeks. How do you view the future of cryptocurrency?

At 8:00 Beijing time today, Bitcoin closed with losses for eight consecutive weeks, the first time in history.

Bitcoin has lost nearly 36% of its value in the past few weeks, and BTC has been trading around the $30,000 mark for the past two weeks. The price is consolidating in a key demand area. However, considering the current sentiment in the global markets and the recent price action, it seems premature to mark the current area as a bottom.

Kavita Gupta, founder of Delta Blockchain Fund, said that the current crypto market correction has ushered in a "cold winter" that may last for a year and a half . In an interview with Bloomberg Technology, Gupta said that this cryptocurrency winter is similar to previous price movements, mainly after Bitcoin hit a record high. Gupta believes that due to the cryptocurrency winter, the price of Bitcoin may fall to around $14,000 , and the price of Ethereum will also fall. Despite the cryptocurrency winter, Gupta pointed out that Bitcoin will still set new highs in more than a year. The market adjustment will provide opportunities for more people to adopt Bitcoin, a factor that will drive it to set new highs. In addition, as more companies continue to include Bitcoin in their balance sheets, the more likely it is that the price of Bitcoin will set new highs.

Robert Kiyosaki, the author of Rich Dad Poor Dad, is still bullish on Bitcoin. He is waiting for the price of BTC to test a new bottom before entering the market. Last week, Kiyosaki tweeted that he is still bullish on the future of Bitcoin. He is currently waiting for Bitcoin to test a new bottom, which suggests that it could be $20,000, $14,000, $11,000, or even $9,000 . The reason why he is bullish on Bitcoin is his distrust of the Federal Reserve and the Treasury Department.

Trading veteran Rekt Capital has pointed out two ways the “death cross” pattern could impact Bitcoin’s price performance, and issued a warning against overexcited bulls.

According to Rekt Capital, a bullish golden cross occurs when the 50 EMA surges above the 200 EMA, while a bearish death cross occurs when the 50 EMA falls below the 200 EMA Historically, Bitcoin death crosses marked the middle of recessions in 2013, 2017, and 2019, with prices falling both before and after the death cross flashed. Based on its performance before the “death cross,” Bitcoin is now following the 2013-2019 pattern.

Therefore, it is too early for Bitcoin to bottom out. I would not be surprised by a correction of -55%, -65%, -71% or even -84% for Bitcoin. Given that the previous peak of Bitcoin exceeded $69,000, the arrival of the crypto winter may cause Bitcoin to reach $11,000.

Cryptocurrency analyst Constantine Caesar analyzed that so far, the price of Bitcoin has been able to stay above the golden ratio support between $26,000-$29,000, but Bitcoin has not shown a clear upward trend so far. Quite the opposite: Bitcoin was able to rebound from the golden ratio support level, but it is fluctuating instead of rising significantly. In the bullish case, Bitcoin may rebound to around $34,000. If Bitcoin breaks through this resistance level, it will encounter the next important Fibonacci resistance level between $40,000 and $43,000 and $54,000. Only when Bitcoin breaks through the $54,000 price level, the correction of BTC is over and a new bull market is possible. In the bearish case, if Bitcoin falls below the golden ratio support level around $26,000. Then Bitcoin will only find important support again between $14,000 and $20,000.

If Bitcoin really hasn’t bottomed out at around $26,000 yet, then the $14,000-$20,000 price range is an ideal bottom candidate . After all, not only did BTC meet its 2018 high there, but the trendline connecting the 2015 and 2020 lows also passes through this price level.

However, analyst Constantine Caesar also pointed out that the importance of Bitcoin has not decreased, and Bitcoin's dominance may rebound from the 39-41% support level, which means that Bitcoin's market value may exceed 52% of the entire crypto market and even occupy 60% of the market share.