Bitcoin is now in free fall, and the next level to watch is around $20,000. In my 2022 forecast, I projected a bottom at approximately $20,000, as this is a logical area of support for the largest crypto currency to form some type of consolidation/bottoming pattern.
My confidence that the current price will be the bottom is low, given bitcoin is currently highly correlated with equity markets and thus trading just like any other risk asset. The economic headwinds that are adversely affecting equities are also affecting crypto. This is not a good sign, given the odds of a recession are high.