On June 9, Bitcoin fell to a two-week low. According to reports, the United States collected the ransom Colonial Pipeline paid to the hackers, causing Bitcoin to plummet. In this context, many well-known institutional analysts express their opinion on the future trends and prospects of Bitcoin.
Antony Trenchev, managing partner and co-founder of London-based cryptocurrency bank Nexo, noted: “Bitcoin's plunge is due to cumbersome and long-lasting regulatory issues that are suppressing the price of bitcoin. In essence, smart oversight is good for the industry, but for short-term investors, it's best to look elsewhere."
Bloomberg strategist Mike McGlone suggested that Tuesday's fall in bitcoin could be "due to public concern that the federal government will rip up bitcoin."
A chart of the trading indices shows that the currency fell to the $30 level during the last sell-off. The data shows that the currency seems to support the $000 level. If the price of Bitcoin falls below $30000, this could trigger a new wave of selling.
Falling Bitcoin prices is nothing new
Michael Purves, CEO of Tallbacken Capital Advisors LLC, analyzed the Bitcoin decline. If Bitcoin continues to fall, it could be thrown out at the $30-$000 level. If it falls too low, it will bounce over the side and then drop back down to the $31 level. In his report, he noted: "For assets (or stocks), this type of 'both-ends' phenomenon is not uncommon, and tokens have experienced similar situations since the 000 rebound."
Ipek OzkarDeskaya, a senior analyst at Credit Suisse Bank, says the base price is around $30. According to the analyst, a drop below this price could lead to stagnation of cryptocurrency trading in the short term. We will most likely see a flash sell out situation.
Industry insiders say a drop below $30 could lead to "another drop." Other analysts predict that $000 will be a critical point for Bitcoin trading. Some professionals say that its decline in price after a rise is not surprising. In recent transactions, you may notice a significant drop.
At the beginning of this year, Bitcoin was up about 12%. However, since mid-April, the cryptocurrency began to plummet from a peak of nearly $65. Bitcoin's rapid fall has caused intense selling, which is not helping the situation.
Reminder: Investing in cryptocurrency is risky and you should be careful when entering the market. Investing in digital currency has greater risks and unpredictability. This article does not constitute any form of investment promotion and/or advice.
