Can you recall when Bitcoin was almost $20,000 over a year ago? and that the price has been almost dropping by 80% since then. The Bitcoin price has been trading around the $3,500 mark over the last month.

Despite the bear market, many prominent analysts and crypto traders believe Bitcoin dropping to $3,000 is normal and is to be expected. Crypto analyst Willy Woo noted that “There were a lot of coins bought in the USD 2,200 – USD 2,800 range on the way up, I can concur this is the likely accumulation bottom, I’m picking in the price will settle lower part of this range – doesn’t preclude a capitulation wick lower, but that wick is not 100%”.

On the other hand, Vinny Lingham, Civic Blockchain co-founder & CEO said that ‘crypto winter’ would become ‘crypto nuclear winter’ if Bitcoin’s price went below $3,000.  However, he expressed his slightly pessimistic view on the price “Historically, Bitcoin bear markets don’t end when the market indicates that there is a bottom. They typically end when the market indicates that there is no bottom”.

The Chinese New Year is allegedly the reason that Bitcoin’s price goes down. Last year around this time, Bitcoin dropped from USD 11,786 to USD 6,430. However, it is doubtful that their lunar new year could have an impact on the markets because of the ban on cryptocurrencies in China.