A bit of respite – The price of Bitcoin (BTC) stays around $20,000. Floor price forecasts below this level are multiplying.
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Bitcoin price: final barrage at $14,000
Bitcoin price drops to around $20,250 on Bitfinex today, June 17, 2022. Cryptocurrency trades at $20,529 at the time of writing this article. The markets are currently entitled to a doji.
The $20,000 thus continues to hold. Markets are still searching for the bottom, after a capitulation whose speed apparently surprised some analysts and traders.
Analyst Venturefounder, for example, expected the $20,000 capitulation to take longer. However, he cites the economic factors explaining relatively high speed of this fall:
- liquidation of shares;
- quantitative tightening;
- the difficulties encountered as crypto players Three Arrows Capital “shed their assets”.
Considering these factors, Venturefounder has shared its near-term forecast for Bitcoin price.
The $20,000 would now be, according to the analyst, the new $30,000 “worst-case scenario”. For Venturefounder, the $14,000 further constitute the “most bearish downside target” for Bitcoin price.
And while the price of the cryptocurrency might drop below that level, it wouldn’t stay there “for a significant period of time.”
And more key media to watch
The Whalemap analyst has identified major support areas, looking at areas of high whale concentration. Bitcoin price would benefit from a support at $19,000, $16,000 and $14,000.
Whalemap and Venturefounder therefore agree on the existence of an important support zone at $14,000.
But despite the strong bearish context that prevails, some traders still issue bullish forecasts.
Crypto trader Ed thus expects a winning back the $23,000 in the next few days. He forecasts a decline in the US dollar (DXY), a drop that should give risk assets a break.
The support levels that can finally stop the current hemorrhage on the markets are becoming clearer. While waiting for the final drop, traders can console themselves by repeating that a real bullish recovery is conditioned by yet another drop.
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