Is Bitcoin going to $20K? Even though the bulls seem to be buying the dip aggressively after BTC plunged below the strong support of $28,630 on May 26, analysts believe there could be more downside.
) and altcoins have not followed a similar trajectory. This suggests that traders are not confident that the crypto markets have bottomed out yet.and on May 27, the metric fell to the lowest level since July 2020.and called it an “insurance policy against financial catastrophe.”In a note to its clients on May 25, JPMorgan said that Bitcoin’s fall looks like capitulation and they. The bank’s analysts believe Bitcoin’s fair value is $38,000, which is about 30% higher than the current level.
Could Bitcoin follow the U.S. equities markets higher or will it decouple and continue to languish at lower levels? Let’s study the charts of the top-10 cryptocurrencies to find out.Bitcoin plunged below the strong support of $28,630 on May 26 but the bulls could not sustain the lower levels. The long tail on the day’s candlestick shows that the bulls aggressively purchased the dip.The bulls are again trying to defend the support at $28,630, which is an important level to keep an eye on.
Conversely, if the price turns down from the current level or the overhead resistance, it will suggest a lack of demand at higher levels. That may increase the possibility of a break below $28,630. If that happens, the pair could retest the crucial level at $26,700. A break and close below this level could intensify selling and the pair may plummet toward $20,000.
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