Bitcoin (BTC) is still managing to defend the psychologically important $ 20,000 mark on June 17 today, which is why the $ 14,000 area is slowly emerging as a likely bottom.
Bitcoin Price Chart (Bitstamp). Source: TradingView
The Trader wants to “Go All In”
As the data from Cointelegraph Markets Pro and TradingView accordingly show, BTC / USD has slipped to $ 20,220 in the meantime, before a jump of $ 1,200 has provided a boost again.
The market-leading cryptocurrency continues to move within a narrow price range, with all eyes now on the resilience of the $ 20,000 mark.
The crypto analyst Venturefounder focuses primarily on the possible “worst-case scenario”, which in his opinion would lower the Bitcoin price to $ 14,000. This would mean a drop of a whopping 80% from the current record high.
“The worst-case scenario, in my opinion, is that for BTC, the $ 20,000 mark will become the new $ 30,000 mark,” as the expert writes to the effect. To which he appends:
“The speed of the surrender up to 20,000 US dollars surprised me a little, I actually thought that it would take longer. But in view of the difficult overall situation (weak stock market, key interest rate increase, domino effect due to problems with major players such as Celsius), this makes perfect sense.“
And in a second post, the analyst then concludes:
“Accordingly, I would set the lowest price target for $ 14,000, and even if it goes down even further for us, I don’t think we will stay there for long. I’m going to start buying on the way down, but at the latest from $14,000 I’m all in. Then I sell all the other cryptocurrencies and put everything in BTC.“
However, there are still several areas between the current Bitcoin price and the possible lower limit in which large investors have bought considerable sums of BTC after the corona crash of March 2020.
As the data from Whalemap shows, these possible supports would be $ 19,000, $ 16,000 and $ 14,000, respectively.
3 bubbles 3 supports pic.twitter.com/Gd94C3nq9n
– whalemap (@whale_map) June 16, 2022
As Cointelegraph had reported, the predicted horror scenarios for the crypto market leader are now down to just $ 11,000.
US Dollar Could Lift Bitcoin Back to $23,000
At the macro level, meanwhile, there are slight gains for the American stock market. Above all, the resurgent US dollar acts as a damper for bigger jumps.
After the US dollar index (DXY) recently lost to a twenty-year high following the recent record run, the US reserve currency has now been able to grow noticeably again for the first time.
At the time of writing, the DXY is almost back to 105 points with a further upward trend.
US Dollar Index (DXY). Source: TradingView
Nevertheless, the trader Crypto Ed assumes that the mid-week high cannot be reached so quickly again and that it will only go down again for the DXY. This, in turn, could give vent to the Bitcoin price and open the door for an upswing to $ 23,000.
That was close, now expecting another leg lower for $DXY which should be fueling #BTC to 23k pic.twitter.com/6Mt8UNywpS
– Ed_NL (@Crypto_Ed_NL) June 17, 2022
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