The post Top Analyst Predicts Bitcoin Price Tumbling to $20,000 Before the Week Ends appeared first on Coinpedia Fintech News
Some industry analysts continue to hold the view that Bitcoin’s price will continue to fall, despite the fact that it has just dropped below the well-publicized level of $23,000 and is now trading at $22,922.
What the Expert Says
Michael van de Poppe, a prominent crypto expert, started his prediction by pointing out that Bitcoin’s price dropped a bit over the weekend. This week sees the release of important economic statistics as well as earnings reports from top tech businesses, both of which will most likely have some kind of impact on the price of the king currency.
The expert predicts that Bitcoin will likely continue to soar up for a short period of time but that the token will then return back to its downturn and drop $20,000, imitating a scenario that was witnessed in 2021.
If bears are successful in driving the price below $22,800, the decline might extend to the 20-day exponential moving average, which is now at $21,716, and then to the psychological support level of $20,000 from there.
On the other hand, if the price manages to bounce back up after touching $23,000, this would indicate that the bulls have successfully turned the level into support. This might bring the probability of a rebound up to $25,211.
If the price of bitcoin and US dollar futures breaks through the level of $25,211, it is possible that it will surge into the region between $30,000 and $32,000. As a result, sellers are likely to protect this level with all their might.
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