On June 13, the long run of Bitcoin (BTC), moving into the negative zone finally came to an end. Finally, the Bitcoin price had fallen to a point that most the analysts had predicted.
The Price of Bitcoin Kept Falling
Initially, the analysts had predicted that a strong sell-off would trigger if the bulls fail to sustain the pressure at $29,000. Although the bulls tried hard to fight off the selling pressure at the support benchmark ($29k) the bears prevailed.
They were able to pull the trading price of Bitcoin below the $29k and from there, a huge sell-off was witnessed. The price of Bitcoin continued falling and even the equities markets joined in.
As the sell-off intensified, the trading price of Bitcoin fell much lower than the $29k. The report shows that the year’s lowest levels were hit by the equities markets due to the movement of Bitcoin’s price.
Due to many negative factors adding in, the trading price of Bitcoin ended up falling lower. It was the midday trading period on June 12 when the intensified selling activity for Bitcoin took place.
As a result of the strong selling, the trading price of Bitcoin ended up falling below the $25k benchmark. By June 13 at midday trading, the trading price of Bitcoin had fallen to $22,592.
Analysts Fear the Worst for Bitcoin
Following Bitcoin’s drop to below $23k, many market analysts have started making their own predictions. However, the major of the analysts seem to be asking the same question. They want to know if this is the lowest price Bitcoin has hit or if it getting ready to it the bottom price that has been long-awaited.
A look at the data for Bitcoin shows that the $23,000 mark is the 200-week moving average for Bitcoin. This is the point that has proven to be an extremely strong support mark for Bitcoin.
According to most analysts, although the 200-week moving average is a stronghold, it has the potential to break down. This is because the trend for Bitcoin suggests that its price has room for further plunging.
$13,330 May be the Next Benchmark
The analysts predict that if the price of Bitcoin continues dropping, its support benchmarks would continue shifting to resistance marks. Therefore, it’ll become more difficult for the investors to push its price higher.
In such a case, the trading price of Bitcoin may end up dipping to $13,330. The analysts predict that for now, the max pain bottom for Bitcoin is appearing to be at the $13,330 mark.
Extreme Bearish Trend May Result in a Pull Back to $8,000
The data suggests that if the price of Bitcoin ends up falling down to $13,330, it may cause huge fear among the investors. The bears may use it to their advantage to cause further damage to Bitcoin’s price.
In such a case, the trading price of Bitcoin may end up falling to $8,000. This would be a point where the investors may start accumulating Bitcoin at a very fast scale.