After Bitcoin has dropped below $20,000, Fundstrat expert believes much deeper fall cannot be ruled out
Earlier today, global flagship cryptocurrency Bitcoin dipped below the $20,000 level, but then rallied slightly above it, now striving to hold within that price zone.
However, a strategist at Fundstrat Global Advisers believes that “Bitcoin has room to drop” much further.
“BTC can fall as low as $12,500”
According to Bloomberg, Fundstrat technical strategist Mark Newton believes that a final “washout” for Bitcoin is likely before it finds bottom. At the moment, according to the expert, there is room for BTC to fall to $13,000-$12,500, and it would become “a great place for medium-term buyers to add longs.”
Earlier today, Bitcoin lost around 1.8%, when it slumped below the $20,000 level. The MVIS CryptoCompare Digital Assets 100 index also dropped nearly 4%. This index measures the largest hundred cryptocurrencies on the market by various metrics.
“Whales Probably Still Selling BTC”: Peter Schiff
On June 28, infamous Bitcoin critic Peter Schiff, founder of SchiffGold, tweeted a hypothesis that whales are selling BTC right now.
He also stated that they have managed to pump BTC above $21,000 recently in order to “draw in more suckers” so that later on, these whales could sell more Bitcoin.
