Many investors were afraid of this, and many were waiting. And it happened. The price of Bitcoin fell below $20,000 and reached a low of around $17,590. As soon as the BTC price crossed the level of 20,000, some analysts immediately began saying that the BTC price could fall to $10,000. Let’s see how the price of Bitcoin can behave soon?
On June 18, the BTC price fell below 20,000. But the very next day, it was able to recover. Today, the BTC/USD pair is trading around 20,757. A sharp increase in network volumes by 83% contributed to the quick recovery of the price above $20,000. It suggests that investors were waiting for the price to drop below $20,000. As soon as this happened, they stepped up. Thus, it can be assumed that the low of 17,590 has become a local bottom for Bitcoin.
It is also worth noting that according to Santiment, 0.6% were withdrawn from exchanges over the past five days. It suggests that investors have decided that the worst is over and a new rally is ahead. The holders decided to wait out this period.
On the other hand, Bitcoin is highly dependent on the Nasdaq stock index. Given that this indicator may fall by another 50% soon, the price of BTC is likely to decline as well. Some analysts consider the most negative scenario, when the BTC price falls to $10,000. The pressure is constantly increasing, which scares many investors and forces them to dump coins and leave the market.
However, the RSI index confirms that the price of Bitcoin is in the oversold zone. It means that BTC will still be able to start a recovery, but it is still difficult to say whether it can withstand the pressure in this area.
