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30 May 2023 | 12:49 am
The post Bitcoin Price Plunge: Experts Fear BTC Price Might Drop Below $24K appeared first on Coinpedia Fintech News
The most popular cryptocurrency in the world, Bitcoin, is currently going through a rough patch, and traders are now predicting that the worst is not over as more price crashes are to follow.
Pseudonymous analyst Crypto GVR has even predicted a potential dump in the range of $24,000 to $25,000 within the next 7-14 days for a retest of that level.
Bitcoin appears to be now declining from all important areas of support, increasing the likelihood of a large correction.
Currently, Bitcoin is priced at $26,222, as reported by CoinMarketCap. However, recent developments have shown nearly 2% downfall in the past 24 hours alone. Zooming out to a broader perspective, the past week has witnessed a gradual decline of 3.6%, showcasing the volatile and ever-shifting nature of the digital asset market.
BTC’s trajectory seems to be pointing towards a crucial demand wall situated between the $24,300 and $25,200 levels.
Within this crucial zone lies a remarkable transaction history, where a staggering 852,000 investors acquired approximately 341,000 BTC, with an estimated value of $8,946,930,000. It is crucial for market participants to keep an eye on this threshold because of the significant degree of interest and potential support indicated by the buildup of BTC at the demand wall.
A Battle Of Bulls & Bears
There are currently two opposing views on Bitcoin, creating a duality. Some believe it is ready to begin its ascent as it gingerly rests on a small ledge around the $27,000 mark.
Others, on the other hand, believe it to be hanging on by a thread and predict a definite collapse to the mid-20s or perhaps even lower.
At the time of writing this article, BTC has already fallen to the $26,230 mark, and the Relative Strength Index (RSI) is showing a flow under the 30 mark.
The markets appear to be choppy right now and it’s definitely difficult to navigate. However, traders and investors can still secure a strong portfolio with continuous research and analysis.