Bitcoin
BTC$29 797.50

1.78%

Ethereum
ETH$1 976.21

0.56%

Tether
USDT$0.998942

-0.01%

Binance Coin
BNB$332.54

3.65%

USD Coin
USDC$1.000323

0.04%

XRP
XRP$0.402609

-1.06%

Bitcoin Fall Has Strategists Seeing Possible Drop Toward $20000


09 Jun 2021

#Bitcoin

Another bad week for Bitcoin could be a precursor of more pain to come, according to strategists watching the selloff in cryptocurrencies. Further weakness in its price may bring the $20,000 zone into view as a downside target, according to Oanda Corp., Evercore ISI and Tallbacken Capital Advisors LLC. Bitcoin fell about 2% to $33,000 as of 11:23 a.m. in Hong Kong and is down some 10% so far in June.

The largest cryptocurrency is “dangerously approaching the $30,000 level” amid growing regulatory fears in the U.S., and “a break of $30,000 could see a tremendous amount of momentum selling,” said Edward Moya, senior market analyst with Oanda Corp.

Bitcoin has dropped about $32,000 from its April record, roiled by a rebuke from billionaire Elon Musk over the energy it requires as well as a renewed regulatory crackdown in China. The ability of U.S. authorities to recover a high-profile Bitcoin ransom also dented the idea that it’s beyond government control, which has been an article of faith for some of the coin’s supporters.

Evercore technical strategist Rich Ross and Tallbacken Capital Advisors’ Michael Purves have both flagged the $20,000 area as a potential key level if Bitcoin breaks much lower than where it is now.


Related

Bitcoin’s tedious walk around $30K
Bitcoin’s tedious walk around $30K
Is Bitcoin leading or following global demand for risk?
Is Bitcoin leading or following global demand for risk?
The price of bitcoin slid last week after a wider stock sell-off in the US
The price of bitcoin slid last week after a wider stock sell-off in the US
Bitcoin’s short-term upward channel
Bitcoin’s short-term upward channel
Has Bitcoin reached the bottom?
Has Bitcoin reached the bottom?
Bitcoin's Price Plunges Below $34,000
Bitcoin's Price Plunges Below $34,000
Bitcoin stabilised but has trouble to reverse strongly
Bitcoin stabilised but has trouble to reverse strongly
Bitcoin will fall until the bulls capitulate
Bitcoin will fall until the bulls capitulate
The culmination of the battle for the trend in Bitcoin
The culmination of the battle for the trend in Bitcoin

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 58.4% 89 $29 797.50 1.78% -0.41% $567 609 015 596 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 56.4% 88 $1 976.21 0.56% -2.84% $238 954 464 492 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94% 1 $0.998942 -0.01% 0% $73 197 575 085 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 59.2% 85 $332.54 3.65% 10.37% $54 295 589 528 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 94% 1 $1.000323 0.04% 0.02% $53 422 966 109 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 58.4% 91 $0.402609 -1.06% -6.04% $19 463 373 242 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 96% 1 $1.000280 0.05% 0.01% $18 311 484 205 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 59.6% 92 $0.518492 1.08% -7.75% $17 493 413 044 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 59.2% 92 $49.18 0.18% -9.36% $16 686 805 636 SOL 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 56.8% 88 $0.083335 0.30% -6.22% $11 056 071 504 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 57.2% 92 $10.05 2.61% -3.60% $9 928 054 647 DOT 7 days price change
12 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 60.4% 89 $29 763.34 1.86% -0.45% $8 214 769 231 WBTC 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 59.6% 91 $28.63 -0.23% -13.98% $7 753 109 952 AVAX 7 days price change
14 TRON (TRX) TRX TRON predictions 72.8% 57 $0.080951 0.80% 12.50% $7 660 741 401 TRX 7 days price change
15 Dai (DAI) DAI Dai predictions 96% 1 $1.000068 0.05% -0.04% $6 575 909 240 DAI 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.