It’s been a while since the crypto market has seen some good rays of positive market trends. The cryptocurrency market has been hit with volatility since the month of April. Amidst this instability, the world’s largest cryptocurrency by market cap is hovering between the $20,000 and $21,000 range. The currency also dropped below $20,000 before reclaiming the range back.
At the moment, the Bitcoin price is changing hands at $20,087 dropping 4.57% in the last 24hrs.
On the other hand, a researcher at Fundstrat Global Consultants, predicts that “Bitcoin has an opportunity to sink” even more.
Bitcoin Price To Bottom At $12,500
Mark Newton, a technical analyst at Fundstrat, believes Bitcoin will have a last “blowout” prior to reaching the bottom line. As per the researcher, there is now space for BTC to decline towards the $13,000-$12,500 range, which will also represent ” a great position for mid-term investors to get into a long position.”
Bitcoin dropped just under the $20,000 mark in the early hours today, losing about 1.8%. Also, The MVIS CryptoCompare Digital Assets 100 index fell roughly 4%. This metric evaluates the 100 best cryptocurrencies on the marketplace using a variety of parameters.
Whales Are Dumping Bitcoin?
On June 28, famed Bitcoin opponent Peter Schiff, creator of SchiffGold, claimed that whales are now dumping BTC.
He further added that lately, whales have successfully attempted to push Bitcoin beyond $21,000 in order to “bring in even more fools” so that all the whales might sell more Bitcoin further ahead.