“The fall in price levels is remarkably similar to the 2018 bear market, with bitcoin falling to new lows almost exactly one year after hitting a new high,” Peters explains. The eToro expert also notes the prediction of JP Morganwhich sees a drop in the leading cryptocurrency to $13,000, as the most plausible destination for the market after recent events.
What is expected for Bitcoin
Bitcoin price is once again in a make-or-break situation, Cointelegraph rescues. After a 25% drop, the peer-to-peer digital currency managed to recover 16% of its market value. As a take-profit consolidation near $17,000 unfolds, investors are forced to ask one central question: Is the current BTC price a discount before a stronger countertrend rally or an attractive trap before the downtrend continues?
Taking technical aspects into account, Bitcoin is likely to witness an influx of volatility. If the divergence develops, the Bitcoin price could challenge the newly established bears near $20,000. A second target could be summer liquidity levels near $23,400.
The invalidation of the bullish idea is a gap below $15,900. If the level is ticked, the new lows are likely to be broken, and a further decline towards 2020 liquidity levels in the $14,000 area will likely be Bitcoin’s next landing ground. The bearish scenario would result in a 15% drop in current market value.
Source: Ambito
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