This was predicted by analysts at Stifel, a leading U.S. full-service financial services firm with a 136-year history headquartered in St. Louis, Missouri, writes coindesk.com.
Analysts note that bearish positions (betting on a fall) in the cryptocurrency’s price follow a linear trend, suggesting a potential low in bitcoin’s value around $38,000. They turn to history: the token fell 93% in 2011, 84% in 2015, 83% in 2018, and 76% in 2022. The line connecting these lows points to the $38,000 mark as the limit of the current decline, Stifel explained.
They compared bitcoin to “The Mysterious Story of Benjamin Button.”
“In the movie and in the F. Scott Fitzgerald short story on which it is based, Button gets younger while everyone else gets older. Bitcoin is set up the same way: a fixed limit of 21 million BTC made it more stable – in analysts’ minds, younger – amid a weakening dollar due to regular money printing. Now it is aging like a child version of Button, who looks 10 but behaves 80,” experts believe.
