After rallying for days and rising above the $22,000 resistance level, the price of Bitcoin has taken a major downturn, losing all its recent gains in the process. While a downward correction was expected, traders expected Bitcoin to hold on to the resistance at $21,000 instead of falling below that level. Some analysts made Bitcoin price predictions that place the BTC price as low as $10,000, where it is predicted to find a bottom.
Bitcoin (BTC) Bleeds Out Amid Bearish BTC Price Predictions
At the time of writing, the price of Bitcoin was $20,362.92. The world’s foremost cryptocurrency was trading down by 9.37% against the USD in the last 24 hours. Toward the end of trading yesterday, the cryptocurrency dropped as low as $20,062.67 but recovered higher to its current levels. It is now trading in the $20,062.67 and $22,673.82 range.
If the downturn continues, analysts predict that the price of Bitcoin risks falling below the $17,000 support. Moving below $17,000 will lead to a market-wide downturn that may take the price of Bitcoin to $10,000 once again.
The current plummet in the price of Bitcoin comes shortly after the bearish Bitcoin price prediction from Clem Chambers. Chambers, who is currently the CEO of ADVFN, said that Bitcoin must hold the line at $17,000 to prevent bottoming out in the next few months. Since he is a renowned financial analyst, who has made major predictions that came true in the past, his prediction should not be taken at face value.
Bitcoin isn’t the only cryptocurrency that is falling. Almost every altcoin trading in the red, including Ethereum ETH that is expecting a major merger in a few hours. The second largest cryptocurrency per market capitalization is trading at $1,600.93, down 4.24% against the USD. The Ethereum 2.0 merger is scheduled to take place in less than 18 hours. Despite the current price of ETH there is an overall bullish divergence between the volume and ETH in circulation.