The most valuable cryptocurrency by market capitalization ended May, a traditionally bullish month, in bear territory. This was mostly due to massive downward pressure on bitcoin from markets. Even without a relief rally, the bearish trend is still present, and the price could drop below the $28K mark.
In such a case, the next demand zone will be $24K. If the latter fails to hold, BTC may retest the all-time high of the 2017 bull market in the $17K-$20K range, a level that might finally act as the bear market’s bottom. The largest cryptocurrency is down 56.92 percent from its seven-month peak of $69,044 set earlier this year.
Bitcoin Price To Plunge Below $15K?
According to a recent Twitter thread, Peter Brandt believes the market is on track for its fourth 80 percent fall since 2011. Brandt made his prediction in reaction to a tweet from Cheds, a pseudonymous cryptocurrency trader and expert, who predicted that the flagship cryptocurrency might collapse to $12,000 in the near future. If that’s the case, it’ll be the first time a correction has dropped below the prior high.
After a good start to the week, Bitcoin has given up the majority of its gains. After the bullish momentum faded, the leading cryptocurrency is now on track to post its ninth straight week in the red.
Last month, Guggenheim Chief Investment Officer Scott Minerd forecasted that Bitcoin’s price will plummet to as low as $8,000. The major obstacle for Bitcoin, according to Mike McGlone, senior commodity strategist at Bloomberg Intelligence, is the US Federal Reserve’s interest rate hike.
The damage to investors’ confidence was generated by Terra’s UST stablecoin and the LUNA token’s collapse in May. Despite the fact that Terraform Labs successfully rebuilt the collapsed network with a new chain, the overall market mood hasn’t improved significantly.