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Bitcoin’s Fall Shows Strategists Possible Drops to $20,000 Pos



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Another bad week for Bitcoin could be a precursor to the pain it will bring. According to strategists, the sell-off in cryptocurrencies

Oanda Corp., Evercore ISI and Tallbacken Capital Advisors LLC said the price weakness could see the $20,000 zone seen as a downside target. about 10% in June

The largest cryptocurrencies It is “close to the $30,000 level” amid growing regulatory fears in the United States, and “a breakout of $30,000 could see huge selling pressure,” said Edward Moya, senior market analyst at Oanda Corp.

Bitcoin Drops Around $32,000 From April Record Blamed by billionaire Elon Musk for the energy it takes. including an emerging regulatory crackdown in China. The ability of the US authorities to recover the famous Bitcoin ransom also shatters the idea that it is beyond the control of the government. which is an article of faith for some coin supporters.

Evercore technical strategist Rich Ross and Tallbacken Capital advisor Michael Purves have flagged the $20,000 area as a possible key level if Bitcoin is much lower than it is now.

Others, however, remain confident in the long-term outlook. For example, Michael Saylor̵

7;s MicroStrategy Inc. has increased sales of junk bonds to $500 million from $400 million to fund more Bitcoin purchases. Become one of the most bullish public companies in cryptocurrency.

About a week after Bitcoin hit an all-time high in mid-April, Purves argued that the bull market looked “Very challenging”

“How much did it go down?” Purves asked in his record on Tuesday. “The most obvious answer remains a complete reversal of the breakout from $20,000, in other words, back to $20,000.”

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