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It is silly to deny that the price of bitcoin can fall below $ 10,000

It is silly to deny that the price of bitcoin can fall below $ 10,000

Bitcoin (BTC) saved $ 20,000 for one more day on June 23, with calls for a further 20% decline yet to come.

One hour candle chart of the BTC / USD (Bitstamp) pair. Source: Trade View

Bitcoin below $ 10,000 is not impossible

Data from Cointelegraph Markets Pro and TradingView show that the BTC / USD pair has moved just above the $ 20,000 mark in the 24 hours prior to this writing.

As usual, the behavior was in line with U.S. equity market movements, which were flat on the day.

Jerome Powell, Chairman of the Federal Reserve, gave only a brief volatility. Cointelegraph noted that Powell’s conference evidence did not offer any new information on macroeconomic policy.

So cryptocurrency analysts were stuck with previous assurances – the outlook is uncertain, they said, but another withdrawal could only mean a trip towards $ 16,000.

“Consolidate $ BTC into a wide range, then rally. MDD (maximum drawdown) is not so important, like -20% ”, a writing Ki Young Ju, CEO of CryptoQuant on-chain analytics platform, as part of a Twitter post.

Ki performed a retweeted analysis from the popular account Il Capo of Crypto, whose BTC positions have long sought lower prices.

In another message, Ki a declared that “most bitcoin cyclical indicators say the bottom line” has been achieved, so it was not recommended to shorten BTC at current levels.

“I do not know how long it would take to consolidate this price range. It’s not a good idea to open a big short story here unless you think that $ BTC is going towards zero, ”he wrote.

For Relevant Indicators, there were reasons to be more reluctant.

“At this point, no-one can say for sure whether BTC will maintain this range or go to price levels below $ 10,000 in one day, but it would be foolish not to have a plan for this possibility,” insisted tweet.

“Crypt ‘never’ ages well. Plan accordingly ”.

The nutritionist does not intend to ‘de-COVIDE’ its balance sheet

In new macro news, increasing pressure on the Eurozone has led to rising natural gas prices and declining supply prospects.

READ ALSO: Bitcoin hodler data shows BTC price ‘really close’ to bottom – Analysts

The decline in the central bank balance sheet, he stated in statements reported at the time of writing, the media only plans to reduce its asset purchases by about $ 9 trillion by $ 3 trillion.

As of February 2020, the nutrition balance sheet has raised $ 4.8 trillion, which means that, even after the cuts, it will be above its pre – pandemic levels.

Federal Reserve balance sheet chart (screen). Source: Federal Reserve

Balance sheet of the European Central Bank, meanwhile, achieved new highlights this week, despite rising inflation.

The views and opinions expressed herein are those of the author only and do not necessarily reflect the views of Cointelegraph.com. All investments and trades involve risk. You should do your own research before making a decision.

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