Bitcoin (BTC) survived another night having to break $20,000 on Next Month as $14,000 cemented itself like a likely underside.
Trader intends to go “all in” on BTC at $14,000
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping to $20,220 on Bitstamp overnight before rebounding as much as $1,200 greater.
The happy couple continued to be nervous but inside a narrow range as market participants anxiously waited to determine how lengthy $20,000 would hold.
The picture was complicated by growing concerns over investment fund Three Arrows Capital yet others, as rumors claimed the previous was seeking a bailout after it unsuccessful to satisfy margin call obligations.
As Cointelegraph reported, contagion expressed itself across institutional investment products such as the Grayscale Bitcoin Trust (GBTC).
Analyzing the “worst-situation scenario,” meanwhile, popular analyst Venturefounder started to place more belief in $14,000 — an 80% drawdown from current $69,000 all-time highs.
“Worst situation scenario, imo, $20k BTC may be the new $30K,” 1 of 2 tweets around the subject mentioned.
“The rate from the $20k capitulation surprised us a little, thought it might took longer to occur. But understanding the macro narrative (stocks sell-off, QT removing liquidity, huge players like 3ac dumping), it seems sensible.”
Another publish concluded:
“That being stated, I hold my most bearish BTC downside target to become $14k, even when it is going lower, I do not think it might stay lower for just about any significant time period. I am buying in route lower, but $14k = ALL IN Bitcoin for me personally, I’ll sell everything I own and set into BTC.”
Between current place cost which target lay places that whales had purchased quite a lot of BTC at that time soon after the March 2020 COVID-19 market crash.
As on-chain monitoring resource Whalemap noted, these potential “bubbles” of support lay at $19,000, $16,000 and $14,000, correspondingly.
3 bubbles 3 supports pic.twitter.com/Gd94C3nq9n
— whalemap (@whale_map) June 16, 2022
As Cointelegraph reported, other BTC cost bottom predictions run as little as $11,000.
DXY weakness could send Bitcoin to $23,000
On macro, modest gains for U . s . States equities in the Wall Street open required a back seat for an unwelcome rebound in U.S. dollar strength.
Related: These 3 metrics suggest the Bitcoin cost crash isn’t over
The U.S. dollar index (DXY), getting appear its latest two-decade highs, came back having a vengeance to provide no respite to risk assets at the time.
During the time of writing, DXY traded near 105 while ongoing to increase, up from intraday lows of 103.5.
Nevertheless, popular trader Crypto Erectile dysfunction still expected the week’s highs to continued to be unchallenged as well as for DXY to mind lower once more. This, he told Twitter supporters, should allow BTC/USD another shot at $23,000.
Which was close, now expecting another leg lower for $DXY which needs to be fueling #BTC to 23k pic.twitter.com/6Mt8UNywpS
— Erectile dysfunction_NL (@Crypto_Erectile dysfunction_NL) Next Month, 2022
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