The price of Bitcoin (BTC) has once more fallen below the $20,000 mark. The top cryptocurrency at the time of writing was trading at about $19,990, down 2.41 percent in the previous day. Despite recently crossing the $22,000 mark, BTC has been finding it difficult to gain traction.
If the selling pressure persists, the top cryptocurrency may fall even further, according to the BTC trading charts.
“After failing to maintain its position above $22,000, Bitcoin dropped by more than 7% in the most recent few days, slipping below the $20,000 mark. The WazirX Trade Desk analysts wrote in a note that “fear crept in with the drop in prices and the BTC market sentiment also weakened.
The BTC chart is moving within a descending channel pattern on the daily time frame. At this point, investors might decide to re-enter the market because the daily RSI is getting close to the oversold region. If it is unable to maintain its momentum above the $22K mark, BTC may decline even more. At $17,700, Bitcoin is anticipated to receive immediate support, they continued.
The US CPI inflation figures for June 2022, which are anticipated to be released tomorrow, could have a big impact on the cryptocurrency markets, especially the price of Bitcoin.
The next trend-setter for the cryptocurrency market will be the U.S. CPI data on July 13, according to Shivam Thakral, CEO of cryptocurrency platform BuyUcoin.
The co-founder and CEO of the cryptocurrency trading platform Mudrex, Edul Patel, stated: “On Monday, Bitcoin fell back to the US$19,000 level after making a recent run towards US$22,000. BTC could fall to US$18,000 if the price declines below the current level and market bearishness permeates the market.
BTC could end 2022 at or above $25,000
According to a Finder survey of 53 fintech experts, BTC may end the year at $25,473 before tumbling as low as $13,676. The majority of the experts surveyed claimed that the “crypto winter” had officially begun in the market for virtual digital assets.
However, according to the same experts, Bitcoin could be worth $314,314 in 2030 and $106,757 in 2025.
More significant cryptocurrency projects could fail in the coming months, according to experts. And the crypto winter might continue well into 2023 or even later.
