Bitcoin hit $18k for the first time since 2020, and the path to $100k is clear.

As the crypto market keeps going down, Bitcoin (BTC), the most valuable cryptocurrency, broke below the $20,000 price point for the first time since December 2020.

BTC has gone down for 12 days in a row this month. After struggling to reach $21,337 in the previous 24 hours, it fell by 12% to $18,700 early this morning.

Ethereum (ETH), the second competitor, and BTC both dropped below the $1,000 price point. So far, ETH has gone as high as $977, which is a loss of 11% in 24 hours. This is the lowest price it has been since January 2021.

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Bloomberg Intelligence analyst Mike McGlone said that BTC could “build a base around $20,000, like it did at $5,000 in 2018-19 and $300 in 2014-15.”

Even though the market is in chaos, CEOs of big blockchain companies like Samom Mow and Adam Back still think that BTC will hit $100k

Late last year, the crypto market went into reverse mode, and it hasn’t slowed down since. The market is only a small part of what it was in late 2021, when BTC was worth close to $69,000. The total value of all cryptocurrencies on the market is just over $820 billion. In November 2021, it was $3 trillion.

The worst thing that has happened so far is the collapse of the Terra blockchain last month and Celsius Network Ltd.’s decision to stop withdrawals. The stablecoin UST from Terraform Lab lost its $1 peg, which caused Terra LUNA to fall by over 10,000% and cost investors over $60 billion.

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