Analyst Believes Bitcoin Will Drop to $4K
As of now, the crypto-market has hit new lows this year and is consistently struggling to climb back up. Additionally, many market analysts and researchers are foreseeing, even more, drops in the upcoming days. The crypto-market crisis started off on the back of Bitcoin, which was a result of the SEC delaying yet another decision on whether the BTC exchange-traded fund would be approved or rejected although those struggling the most seemed to be the leading alternative coins, now at the bottom of the barrel this year.
Currently, every possible bearish act of display is visible and Bitcoin has plummeted in value under the 50-day moving average. Furthermore, analysts believe that this is just the prequel to another drop and one analyst has stated that it would come as no surprise if Bitcoin crashed below the $4K mark in trading value.
Bitcoin managed to reach its year-to-date low on the 29th of June and is currently stable at $6470. The world’s top leading cryptocurrency failed to acquire any support even after news reports from Goldman Sachs, a top investment firm, made favorable reveals. Rob Sluymer, a Fundstrat analyst stated that despite a small climb, he believes Bitcoin’s next support level is located at $6100 and that equilibrium is first needed before moving further.
Mike McGlone, a Bloomberg analyst, also stated that the cryptocurrency may even crumble lower, stating that the coin was in “dump mode” as a result of the excess pumping on a possible US ETF approval and may not see any positivity until reaching the $4K support level.
Additionally, although $4K is incredibly low for BTC, the cryptocurrency has been trading between $6K and $10K over the past months and economists from Yale have calculated the odds of the world’s first cryptocurrency being rendered worthless, revealing a 0.4 percent chance that Bitcoin would be considered as a “dead coin.”