Analysts predict a 40% drop in Bitcoin’s price

According to Bloomberg, they see a further drop near the $20.000 zone according to Oanda Corp., Evercore ISI and Tallbacken Capital Advisors LLC. Bitcoin fell about 2% to $33.000 earlier in Hong Kong and has fallen about 10% so far in June.

 

The most popular cryptocurrency is approaching the level of $30.000 amid concerns about regulations in the USA and “The $30.000 break could see huge sales potential,” said Edward Moya, senior market analyst at Oanda Corp.

 

Bitcoin has lost about $32.000 since the April record, following billionaire Elon Musk for the energy it demands, as well as a renewed regulatory crackdown in China.

 

Analyst Rich Ross and Michael Purves of Tallbacken Capital Advisors are both talking about the $20.000 level if Bitcoin falls much lower than it is now. Others, however, remain optimistic. MicroStrategy, for example, increased bond sales to $500 million from $400 million to fund the purchase of more bitcoin. El Salvador also became the first country to accept bitcoin as an official means of payment.

 

About a week after the all-time high of Bitcoin in mid-April, Tallbacken’s Purves claimed that bitcoin’s uptrend was “extremely questionable”.

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