Why did the price of Bitcoin and other cryptocurrencies drop?

Why did the price of Bitcoin and other cryptocurrencies drop?

The cryptocurrency market had been extremely volatile over the previous year, with Bitcoin reaching a record high of $69,000 in November.

CNBC reported that analysts expect a sharp decline in the Bitcoin exchange rate in the coming months, following the recent rise. Carol Alexander, Professor of Banking at the University of Sussex, predicts that the Bitcoin exchange rate will reach $10,000 by 2022, erasing all previous gains. According to CNN, Goldman Sachs, an American financial bank, expects Bitcoin to rise significantly in the coming years.

Bitcoin's market share is expected to increase with more investment and usage. At the beginning of this year, the price of Bitcoin fell to $42.9 thousand.