Bitcoin fails to recover and keeps falling lower at the $16,000 level

Bitcoin ends the year on a bad note, as it extends its bearish season and keeps falling lower at the $16,000 level. The cryptocurrency par excellence has plummeted approximately 64% so far in 2022 and already accumulates losses of more than 76% compared to its last all-time high in November 2021.

With the great lack of volatility in Bitcoin markets, analysts are keeping an eye on what could happen at this week's annual close. And the fact is that the cryptocurrency market has lost more than $1.9 trillion since November 2021, according to data from Crypto Presales.

At the moment, in the last sessions of 2022, Bitcoin has been stuck at $16,000, being unable to overcome resistance, although also without touching the support zone. The movements these days in the market point to both bulls and bears remaining low during the holiday season.

However, the worst could be yet to come for the reigning cryptocurrency. According to Standard Chartered, Bitcoin could fall 70% during 2023 and hit $5,000, levels not seen since March 2020.

In other cryptocurrency news, Ethereum has fallen to $1,192 and is not spared from burning either; it is on track for a drop of more than 60% this year.