The most valuable cryptocurrency by market capitalization ended May, which has traditionally been a bullish month, in bear territory. This was mostly due to heavy downside pressure on bitcoin from the markets. Even without a relief rally, a bearish trend is still present, and the price could decline below the $28K mark.
In such a case, the next demand zone would be $24K. If the latter fails to hold, BTC could retest the 2017 bull market all-time high in the $17K-$20K range, a level that could eventually act as a bear market bottom. could. The largest cryptocurrency is down 56.92 percent from its seven-month peak of $69,044 earlier this year.
Will bitcoin price drop below $15K?
According to a recent Twitter thread, Peter Brandt believes the market is on track for a fourth 80 percent drop since 2011. Brandt made his prediction in response to a tweet by pseudonymous cryptocurrency trader and expert Chads, who predicted that the flagship cryptocurrency could drop to $12,000 in the near future. If so, this would be the first time a correction has dropped below the prior high.
After a good start to the week, Bitcoin has given up most of its gains. After the bullish momentum has faded, the major cryptocurrency is now on track to post its ninth straight week in the red.
Last month, Scott Minerd, chief investment officer of the Guggenheim, predicted that the price of bitcoin would drop to $8,000. According to Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, the major hurdle for bitcoin is the interest rate hike by the US Federal Reserve.
The loss of investor confidence stemmed from the collapse of Terra’s UST stablecoin and the LUNA token in May. Despite the fact that Terraform Labs successfully rebuilt the collapsed network with a new chain, the overall market mood has not improved significantly.