For bitcoin to bottom here’s what the market wants to see

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For bitcoin to bottom here’s what the market wants to see — and it could mean a further 30% drop

• Industry players told CNBC an improving macroeconomic picture, particular trading patterns and further shakeout or “deleveraging” could help bitcoin and the crypto market find a bottom.
  
• This could mean further downside for bitcoin to as low as $13,000 that will remove the “last remaining weak hands.”
  
• There have been high-profile collapses in the latest “crypto winter” including lender Celsius and hedge fund Three Arrows Capital. 
  

An improvement in macroeconomic factors, a particular trading pattern and a further shakeout of companies and projects could be the key ingredients required for bitcoin and the broader crypto market to bottom, industry players told CNBC.

Bitcoin has plummeted more than 70% from its record high in November with around $2 trillion wiped off the value of the entire cryptocurrency market.

For the last few weeks, bitcoin has been trading within a tight range between $19,000 and $22,000 with no major catalyst to the upside and traders trying to figure out where the bottom is.

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