A graph shared by trader Peter Brandt shows that the value of Bitcoin is around USD 18,000. Some renowned analysts believe there will be a rebound at the current price levels.
The price of Bitcoin (BTC) recently fell below USD 20,000, which many had feared would happen. Most analysts explore the possibility of even further drops, although the decline has been around 40% so far in June.
Among the most prominent predictions has been one by Peter Brandt, a trader with over 40 years of experience. He said that the price zone where Bitcoin remains would be crucial to testing whether the cryptocurrency has real value.
A graph Brandt shared on his Twitter account shows that this area ranges between USD 19,000 and around USD 12,000.
Jim Cramer, host of the Mad Money program on the American news channel CNBC, also made a bearish prediction recently. During a Squawk Box segment, the former hedge fund manager said that the value of Bitcoin would drop to USD 12,000.
Cramer thinks that personalities like Michael Saylor and Mike Novogratz feel forced to make optimistic predictions. As a harsh critic of Bitcoin and its promoters, he argued that they could not let its price drop any further.
Despite not being a renowned Bitcoin critic, Bob Loukas also foresees lower prices than the current ones. Before the recent drop, the trader and analyst said he would buy Bitcoin at USD 19,000. He also aimed to make another purchase at USD 14,500 if it reached that level.
There Are Also Promising Predictions about Bitcoin
Not all analysts are pessimistic regarding their predictions about the price of the pioneering cryptocurrency. For example, Tony Gallippi, co-founder of payment processor BitPay, believes it is about to bottom out. The CEO of the payment provider said this could happen in the coming two weeks.
The trader CryptoTony also has a positive stance toward the future value of Bitcoin. The analyst does not only believe the price will recover but also dismisses the impact of the drop from USD 20,000.
CryptoTony considers that this mark was a psychological level rather than not a support zone in itself. He added that the support testing the price at current price levels would be around USD 17,500.
The drop from USD 20,000 marks a negative milestone in the history of the leading cryptocurrency in the market. It is the first time it has fallen below the all-time high of a previous bullish cycle. In this case, it has dropped below the top of the 2017 cycle, when BTC first approached USD 20,000.
The top of a cycle had historically become relevant support for the previous one. Therefore, no one expected to see the price reach those levels again.
Bitcoin is trading at around USD 17,980 and has accumulated a 12.9% loss over the last 24 hours. While its daily trading volume is above USD 33.69 billion, its market capitalization is about USD 341.70 billion, according to CoinGecko.
By Alexander Salazar
