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.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | BTC | Bitcoin predictions | 86% | 25 | $64 305.78 | 0.51% | -0.51% | $1 266 205 194 648 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ETH | Ethereum predictions | 73.2% | 46 | $3 136.36 | -0.08% | 1.65% | $382 791 564 210 | ||
3 | USDT | Tether predictions | 94.8% | 1 | $1.000262 | 0.05% | -0.02% | $110 492 500 823 | ||
4 | BNB | Binance Coin predictions | 88% | 20 | $608.91 | 0.18% | 9.71% | $89 850 983 761 | ||
5 | SOL | Solana predictions | 68% | 70 | $143.70 | -1.79% | 0.16% | $64 256 267 194 | ||
6 | USDC | USD Coin predictions | 92.4% | 2 | $1.000169 | 0.01% | 0.01% | $33 384 489 252 | ||
7 | XRP | XRP predictions | 66.8% | 68 | $0.526307 | 0.48% | 6.17% | $29 014 837 163 | ||
8 | DOGE | Dogecoin predictions | 67.6% | 65 | $0.150308 | 0.03% | -1.22% | $21 650 492 983 | ||
9 | TON | Toncoin predictions | 65.6% | 65 | $5.37 | -1.88% | -22.37% | $18 631 438 062 | ||
10 | ADA | Cardano predictions | 63.2% | 77 | $0.470062 | -0.71% | 3.14% | $16 750 133 824 | ||
11 | SHIB | SHIBA INU predictions | 60% | 82 | $0.000025 | 2.07% | 12.54% | $14 981 054 544 | ||
12 | AVAX | Avalanche predictions | 66.8% | 75 | $35.39 | -0.09% | 0.44% | $13 382 737 153 | ||
13 | STETH | Lido stETH predictions | 91.2% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 | ||
14 | TRX | TRON predictions | 88% | 21 | $0.116933 | 2.56% | 7.95% | $10 239 603 506 | ||
15 | WTRX | Wrapped TRON predictions | 84% | 18 | $0.116766 | 2.51% | 7.71% | $10 225 018 140 |
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2024 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.