Bitcoin (BTC), seems to be extending its visit below $30,000. The BTC price continues to decline without slowing down after dropping below $30,000 in recent days, currently hovering around $29,800. The 1.4% decrease in BTC over the past 7 days has certainly painted the cryptocurrency sector red. Analysts seem quite confident that this decline will continue.
Famous cryptocurrency analyst Crypto Chase stated yesterday that the decline is not over for BTC.
Chase stated that BTC will continue to decline due to the double-top formation. In addition, popular analyst Crypto Tony emphasized a sharp warning, predicting a drop to between $25,000 and $20,000.
Nebraskan Gooner, a well-known figure in the market, pointed to $19,000 for BTC. In fact, a sharp drop in price was expected before the halving of the block reward, and such sharp declines could be seen before 2024. The $20,000 level, one of the most critical supports of recent times, could be the desired level. Thus, the famous analyst Nebraskan, who expects a drop to $19,000 below $20,000, could actually have a high degree of accuracy.
Another popular cryptocurrency analyst, Toni Ghinea, stated that it’s the “make it or break it” time. There are expectations for BTC next week ranging from $31,000 to $32,000 or $29,000. The analyst stated the following:
“I think the breakout is near. If there is no explosion in the coming days, we could see $27,000, followed by $19,000 and $23,000.”
$27,000 is a critical support for the BTC price, and as mentioned by the analyst, the most important support below that is the $20,000 level. The comments of analysts focusing on this decline should definitely be taken into consideration. BTC could experience a sharp drop to $19,000 following all of these expectations and go through a period of correction. This could also have a negative impact on altcoins and lead to a general decline in the industry.