Cryptocurrency continues to decline. The drop in the leading cryptocurrency BTC is followed by altcoins. However, Bitcoin has recently dropped below the feared $20,000 level. However, a rise in price began later. In fact, right now, BTC is trying to hold on to the $20,000 level. Besides, many analysts continue to publish analyzes on which direction the price of the leading cryptocurrency will go. However, one analyst’s estimates attracted attention because they differed from others. A strategist working at the popular Wall Street company, Fundstrat Global Advisers, shared his thoughts on the BTC price.
“Bitcoin can drop to these levels”
According to Bloomberg, the Fundstrat strategist predicts that the BTC price will drop further before it reaches the bottom. According to him, the leading cryptocurrency is likely to drop from $13,000 to $12,500. However, this level will be the start of some pretty positive things. The expert explains the reason for this as “the mentioned price will create an excellent opportunity for medium-term buyers”. However, Bitcoin dropped 1.8% this morning to hit below $20,000. Along with BTC, the MVIS CryptoCompare Digital Assets 100 index also fell about 4%. Accordingly, the index measures the top 100 cryptocurrencies in the market according to various data. A 4% drop means a huge loss in the cryptocurrency market.
Whales probably keep selling BTC
In fact, yesterday, a historical Bitcoin critic also commented on the price action. Prominent gold advocate Peter Schiff has said in the past that Bitcoin is not digital gold and will fall. In his statement yesterday, he said that whales may still be selling BTC. The anti-BTC analyst also made another remarkable statement. He actually responded to a comment that came under his own BTC post. The analyst claimed that whales pumped the price to sell more Bitcoin. Accordingly, major wallets pumped BTC above the $21,000 price level. They succeeded and then started selling again.
Bitcoin may hit $10,000
Despite the predictions of most analysts and traders, the indicators are telling a different price for the BTC price. The leading cryptocurrency has bottomed out, according to on-chain data and technical indicators. Despite this, however, some analysts and traders suggest that the Bitcoin price could drop as low as $10,000. However, unlike technical and on-chain indicators, the historical indicator supports $10,000. As we have reported as Kriptokoin.com, if the BTC price follows the previous bear markets and cycles, it can see $ 10 thousand.
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