Bitcoin Returns Above $20,000 as Analysts Debate Buying Opportunity

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Bitcoin Returns Above $20,000 as Analysts Debate Buying Opportunity

Bitcoin Returns Above $20,000 as Analysts Debate Buying Opportunity
Source: CoinDesk
1656063279 24 Jun / 09:34

After falling to an intraday low of $19,764 on Wednesday, Bitcoin reclaimed the $20,000 threshold. The top cryptocurrency by market capitalization last traded at $20,314, a decrease of 0.4% over the previous twenty-four hours.

Analysts continue to discuss whether bitcoin (BTC) will experience future falls comparable to 2013 and 2017, when it plunged 85 percent and 84 percent, respectively. If bitcoin undergoes a similar decline this time, the price might approach $10,000.

In a CNBC interview, Ian Harnett, co-founder, and chief investment officer of Absolute Strategy Research, said that Bitcoin's price might go as low as $13,000, which would be a 40 percent decline from its present value.

Harnett told CNBC, “We would still sell this kind of cryptocurrencies in this environment.”

Alex Kuptsikevich, the senior market analyst at FxPro, stated that drops comparable to 2013 and 2017 are untrustworthy due to Bitcoin’s modest performance throughout the most recent bullish cycle. In 2013 and 2017, the price of bitcoin increased 90-fold and 20-fold, respectively, whereas, in 2021, the price rise was 10-fold.

Kuptsikevich stated, “According to our estimations, Bitcoin will find a long-term bottom at the highs of the last four-year cycle.”

According to some observers, bitcoin’s price volatility in the context of broader economic conditions has reduced interest among long-term investors.

Even if bitcoin’s price may be nearing a steady level, Kuptsikevich advised buyers to hold off on purchases.

“It may not be the best time to buy, as it may take considerable time before the crypto market digests the recent turmoil and enters a new phase of sustained demand from broad segments of investors, not just stressed asset hunters,” Kupsikevich noted.

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