Bitcoin’s nosedive has also had an impact on other cryptocurrencies, including Ethereum (ether), Cardano (ada), and dogecoin.

Currently the global crypto market is worth $2.03 trillion, which is about 11 per cent lower than its value a day earlier.

According to a model-based prediction by pseudonymous Dutch analyst PlanB, bitcoin may reach a value of $100k+ before the end of 2021.

British banking giant Standard Chartered also noted in a recent report that Bitcoin’s value would peak around late 2021 or early 2022 to above $100k.

Other forecasts say current trends could result in lows below $20k for the cryptocurrency by the end of the year.