Due to macroeconomic factors and the bankruptcy of some crypto companies, the market decline is deepening. Bitcoin (BTC) breached the psychological support level of $20,000 despite all the efforts of the bulls. Now 4 crypto analysts are setting new prices of Bitcoin below this level.
Bitcoin sets bottom: $17,708.62
On June 18, the Bitcoin (BTC) price dropped below $20,000, the ATH level it reached in 2017. Thus, it caused the altcoin market to trade in the aggressive zone as well. Bitcoin is currently trading around $19,300. The depreciation since last week is around 30%.
According to CoinMarketCap, its total market cap has also reached $840 billion after $1 trillion.
So where is the bottom for Bitcoin?
It’s worth noting that the ‘Fear and Greed’ Index has dropped to 6, which is extreme fear. Therefore, the current sentiment in the market looks particularly bleak. According to crypto analyst Rekt Capital, Bitcoin could drop as low as $15,000. The analyst highlights the historical trend of BTC falling -14% to -28% below the 200 moving average. In a recent tweet, he noted:
Currently BTC is -15% below 200-MA. But if Bitcoin repeats its March 2020 bearish wick depth below the 200-MA, it will revisit the $15,500 price point.
Meanwhile, prominent crypto market analyst Michaël van de Poppe has identified a similar block below $19,000 which could be the next level of support. Sharing the chart below, Poppe says:
The weekly RSI is swimming below the +200-week MA at its lowest point ever. Destructive market structure.
Finally, on June 16, Jeffrey Gundlach, CEO of DoubleLine Capital, revealed that Bitcoin is suspicious of $20,000. He added that the Bitcoin price could fall much below this zone:
I’m not bullish on $20,000 or $21,000 in Bitcoin. I wouldn’t be surprised if it drops to $10,000.
Lee Cooperman recommends gold over BTC
“This is a bear market,” billionaire Lee Cooperman said in a recent interview. Crypto and NFTs may not see a return to a bull market anytime soon, Cooperman says. However, Bitcoin, Ethereum and meme coins remained bearish. Cooperman told CNBC:
If you don’t understand Bitcoin, you’re old. I am 78 years old. I am old. I don’t understand this… I would be very careful with BTC. It doesn’t make much sense, and if you’re nervous about the world it would be a better place for me to store gold.
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