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Bitcoin (BTC) Price Might Drop 33% & Reach Bottom AS OF THIS Level

After Bitcoin lost its crucial price degree of $22,000 in the beginning of the week, the complete crypto space appears to be following it on its downward plunge. This price movement has influenced the global crypto market capitalization to fall below $1 trillion.

A favorite analyst and trader, Tone Vays, believes that Bitcoin will dsicover new lows because the currency repeatedly does not maintain steadily its bullish price movement.

Vays asserts that the flagship currency is on the verge of witnessing a massive price drop of 33% from its current value to attain the $14,000 mark since it didn’t sustain its $21,500 price level.

Moreover, the analyst feels that when Bitcoin enters this timeframe, it’ll be a whole disaster. He explains that people can trade the currency although it is in the 50-period moving average for each day or two and the 128-day moving average.

During publication, Bitcoin is selling at $21,095, with a pullback of 4.30% within the last 24hrs

Bitcoin Price To Drop Below $20k?

The analyst discussed the weekly chart and expressed having a poor feeling about Bitcoins future since it didn’t close above the 200-week moving average. A trend reversal could be approaching fast.

Tone Vays concludes his analysis by stating that when Bitcoin bears opt to pull the purchase price below $20,000, the selling pressure will drag the purchase price lower going to several bottoms.

According to the researcher, there’s roughly a 60% chance that Bitcoin will dsicover its decline soon if the asset trades below $20,000.

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Elena R

Elena can be an expert in technical analysis and risk management in cryptocurrency market. She’s 10+year experience on paper – accordingly she actually is avid journalists with a passion towards researching new insights getting into crypto erena.

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