Bitcoin Price Prediction: Bitcoin, the world’s largest cryptocurrency by market cap, has slipped to $20,000.
Bitcoin Price Prediction
The crypto markets have been witnessing a bloodbath. The dramatic sell-off has wiped out over $2 trillion worth of digital currencies from new peaks at the fag end of 2021. The global crypto market cap fell below $1 trillion on June 13 to hit an 18-month low.
According to Coinkurry data, the global crypto market cap stood at $867 billion on June 15 afternoon, declining more than 10 percent over the last day.
The two most popular cryptos — Bitcoin (BTC) and Ethereum (ETH) have seen significant erosion in their price this year. The two coins had hit all-time highs in November 2021 with BTC touching the $69,000 level and ETH $4,800.
According to Coinkurry data on Wednesday at 2 PM, Bitcoin has crashed more than 10 percent in the last 24 hours to trade at $20,200. In the last 7 days, the coin’s valuation has declined by nearly 34 percent . The total market cap of Bitcoin was $386 billion with the total dominance of 44.7 percent .
Ethereum (ETH), the second most popular cryptocurrency behind Bitcoin, has plummeted 16 percent in the previous 24 hours to trade at $1,028. In the last seven days, it has moved 43 percent southward. The entire market worth of ETH was $124 billion with the total domination of 14.5 percent .
Bitcoin hitting $13,000 soon?
Abhijit Shukla, CEO and Director, Tarality, claimed that BTC might test the $19,400 level and if liquidation continues it can possibly approach $13,700 shortly. “The next few days are really essential,” he remarked.
According to Manoj Dalmia, founder and director of Proaasetz Exchange, Bitcoin is constantly falling and has crossed a 200 weekly moving average. Bitcoin has excellent support near $20,000 which is also the all-time high of 2018. $18,000 is a strong support level or accumulation zone.
“If Bitcoin maintains this zone ($20,000), we might see a short upward movement,” he said, adding that expecting another crash appears unwise for the time being. “If it maintains its current weekly closing level, a rapid climb towards $25,000 is probable. $29,000 will operate as a resistance level, with a volume breach potentially leading to $35,000.”
He added that the Bitcoin movement’s cycle is quite intriguing since, during the previous 12 years, it has always reached a significant all-time high after generating a low. From nearly $0 (the founding day) to $68,000, the Bitcoin cycle has touched both low and high every year, with the low being the last cycle ATH.
Notably, this is the cryptocurrency’s second significant drop in less than two months. The stablecoin Terra crumbled in early May, wiping tens of billions of dollars in a matter of hours.