The price of Bitcoin (BTC) has dropped to its lowest level since July 2021, which has led some observers in the cryptocurrency industry to conclude that it is dangerously close to falling into the abyss.
The flagship cryptocurrency has lost more than 50% of its worth over the past six months amid a market-wide decline that has erased more than $1.5 trillion from the global crypto market cap.
Notably, the CoinMarketCap crypto community considers that the asset will surge 61.81% from the current price to trade by May 31, 2022, with the target being based on the average of votes by 46,501 members.
The price forecast is based on the average of the past six estimations made by the crypto community, which has historically predicted Bitcoin prices with an accuracy record of 83.29%.
Meanwhile, 28,742 community members have set a goal of $43,011 by June’s end, +$15,173 from the current price but down on May’s estimate. The prediction comes as Bitcoin dropped below the critical $30,000 mark.
Scenarios in play for Bitcoin
Since it initially rose above $30,000 at the beginning of 2021, Bitcoin has never dropped below it for any considerable length of time, which means that if the sell-off continues, it will be entering uncharted territory.
Some experts are optimistic that Bitcoin may make a similar rebound like the one it had the last summer, which pushed it to new record-breaking highs before the end of the year.
Elsewhere, the Central African Republic (CAR) has joined El Salvador on the list of nations that have formally adopted Bitcoin as legal tender, after passing a statute regulating cryptocurrencies on April 21.
Uncertainty exists as to whether or not this significant piece of news will help drive Bitcoin’s price toward the level the crypto community believes the cryptocurrency will reach by the end of May.
Currently, Bitcoin is trading at $27,847., up 8.62% in the last 24 hours and down 29.63% across the previous seven days.
While the overall market cap of Bitcoin stands at $530 billion, with 44.7% total market dominance.
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