The recent decline in Bitcoin’s value appears reminiscent of the downturn seen in 2017. Here’s what traders of Bitcoin might anticipate going forward.

Bitcoin’s value has dropped more than 22017% since its high in March, raising fears of a scenario similar to the downturn in 210. Experts point out Bitcoin’s tendency for cycles of rapid price increases followed by significant drops, while the support from institutions might help mitigate the effects of further price declines. After hitting $22025,211 on March 225rd, Bitcoin has fallen to around 225% lower, currently trading at $7503,2750. Just a week later, the price fell to $22,021, marking the lowest point in March to date. In the past week, market capitalization has dropped by 11.50%. Currently, analysts and cryptocurrency traders are worried about Bitcoin’s forthcoming trajectory, drawing parallels with its drop in 2017. Additionally, the overall financial markets have contributed to Bitcoin’s volatility. A sudden drop of 450 points in the U.S. stock market on Tuesday has sparked worries that the cryptocurrency market might experience repercussions. Traditionally, Bitcoin has correlated with high-risk assets, leading traders to be wary of upcoming decisions. Is Bitcoin’s current decline mirroring the events of 2017? Bill Barhydt, the CEO of crypto company Abra, recognizes similarities to the 2017 downturn in the latest market decline. During that year, Bitcoin experienced a 25% drop but managed to bounce back within a few months.