Bitcoin Falls Below $19,000; Will You Avoid Crypto/Buy The Dip?
Bitcoin fell again to its lowest point in three months, dropping below the support level of $19,000. The bitcoin price is down about 70% from its record high of $69,044.77 on Nov. 10, 2021.
The digital currency has been falling since this year because of the strong dollar due to interest rate hikes. Recently, SEC claimed all of Ethereum falls under US jurisdiction, which also triggered panic among investors.
1. Why is $19,000 important?
Mati Greenspan, founder of Quantum Economics, has pointed out that the
$20,000 is a key point for Bitcoin. $20,000 was the high hit by Bitcoin during its last bull cycle in late 2017 and has acted as support and pressure levels many times during Bitcoin's price gains since then.
Katie Stockton of Fairlead Strategies sees long-term support for bitcoin between $18,300 and $19,500.
Analysts believe that cryptocurrencies generally open a continued downward path after falling below technical-level support levels.
2. Bitcoin Will Drop To...
Let's look at analysts' take.
Data from tradingview and analysts' takeaway
a: Mark Newton, a strategist at Fundstrat Global Advisors, said:
a "really significant area" at around $17,500, close to the June lows.
b: DailyFX analyst Legan Tang said
Technically, last week's pullback was the start of a new downtrend, and a short-term break below 18,500 would open up a decline towards the June low of $15,000.
c: Sam Callahan, a bitcoin analyst at bitcoin exchange Swan, also believes that
bitcoin could fall more than 80% from its all-time highs, based on the experience of previous bear markets. This means bitcoin will fall to $13,800.
d: Goldman Sachs warned that
bitcoin is at risk of a collapse to $12,000.
In addition to analysts' opinions, data also revealed information.
Bitcoin options contracts that will expire at the end of 2022 show that most traders are betting that the price of bitcoin will fall to the $10,000-$12,000 range.
Have you invested in bitcoin or other crptocurrencies?
Do you think bitcoin has reached the bottom?
Share your opinions in the comment section and win tiger coins~
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Historically, ₿ goes down 85% in worse case. We are down 70% from 65k high.
Got room to plunge further depending on Fed's rate hike. ₿ is tied to stock market.
₿ winter can last for years, so hold on tight for the ride.
@Venus_M bitcoins!
2) only invest the money that u can afford to lose or willing to place in the coins. Because the price go up n down too fast. The coin market open 24hours non stop.
Bitcoin has fallen below the USD 20,000 psychological barrier to 19,000 and is on a downward trajectory. It may even fall to as low as USD 10,000 to USD 12,000.