According to a report by Cointelegraph, the price of Bitcoin (BITCOMP) has been falling since May. Its value has shrunk by half since its April peak of $63,745.  Analytics service Ecoinometrics, in its recent tweet, has said that this year's correction from its all-time highs is the second longest in bull market history. So the price of Bitcoin may stay in the range of $30,000 for a while. 

In May, the price of bitcoin plummeted after Tesla Inc (TSLA) owner Elon Musk said that Tesla would no longer be accepting cryptocurrency payments. On June 22, Bitcoin plunged 10% after the Chinese government implemented sanctions on trading and mining Bitcoin.

According to the Ecoinometrics, 2013 saw 197 days between two all-time highs and Bitcoin can still go sideways for months. "This is one of the longest drawdowns Bitcoin has had to deal with during a post-halving bull market," says Ecoinometrics. 

The Cointelegraph reports that the Bitcoin price could go up if the $30,000 accumulation 'reset' continues. In a tweet, Statistician Willy Woo has said, "It's retail that drives Bitcoin bull markets. When they stop buying, that's a bear market warning. They haven't stopped buying,"