The average Bitcoin price in September of last year was $45,965. It even hit and surpassed the $50K mark three times back then.
It did so when it closed September 4, 2021 at $50,000, September 5 at $51,692, and September 6 at $52,644.49.
But the largest cryptocurrency by market capitalization is struggling to replicate that kind of run this year as it continues to struggle to hold even just the $20K price range.
As of this writing, BTC is trading at $18,802, according to data from CoinGecko. It slightly spiked on Tuesday, reaching just above $23,300 before eventually falling back below the $19K mark once again.
While Bitcoin only lost a measly 0.4% price dip for the last seven days, it has now lost 4.4% of its value over the period of 30 days. Moreover, its current trading price is 55.5% lower than what it was a year ago.
Bitcoin Price Continues To Struggle
The crypto space experienced a major crash between May and June this year when its total market value decreased by $2 trillion.
Bitcoin was greatly affected by that and since then has been trading between $18,000 and $25,000.
The digital asset’s price is not the only thing that is struggling as its stocks retreated into bearish direction, dipping by 1% at $19,078.
Inflation seems to be the main driving force of the chaos that has been wreaking havoc in crypto space for the past months as central banks leaned on increased interest rates to combat the economic dilemma.
The crypto industry also witnessed notable bankruptcies and insolvency issues that also impacted the digital assets’ attempt at a bullish run.
Will Bitcoin Fall Below $18K Again?
Some experts believe that when certain conditions happen, the widely followed crypto will experience severe drop once again.
It is believed that if inflation rate rises anywhere between 9.5% and 10%, the U.S. Federal Reserve might have an emergency meeting to discuss another round of interest rate hikes.
If this happens, leveraged participants in the crypto markets will once again be affected in a negative way and that could lead to Bitcoin’s price plummeting below $18,000.
On June 18, 2022, BTC dropped to a low near that price due to the negativity brought by the bankruptcy of Three Arrows Capital and Celsius.
BTC total market cap at $357 billion on the daily chart | Source: TradingView.com
Featured image from Fox Business, Chart: TradingView.com