While Bitcoin price increased around 70% since the start of the year to its November highs, driving the total crypto market to over $2 trillion in value, it has dropped more than 30% from its peak and is currently trading around $49,000.

Some experts gave their outlook on Bitcoin and the entire cryptocurrency market, estimating a sharp decline in the next several months. According to Carol Alexander, professor at Sussex University, bitcoin price will trade as low as $10,000 next year, wiping out all of its gains in 2021.