The selling wind in the cryptocurrency market continues where it left off. The decline in the digital asset market gained momentum after Celsius Network stopped withdrawals earlier in the week.
ESTIMATE OF 20 THOUSAND DOLLARS
The prediction of the famous analyst Peter Schiff, who made predictions on the price of Bitcoin and Ethereum last weekend, has come true. By stating that Bitcoin will drop to the $ 20,000 level, Schiff predicted that the price of Ethereum will drop to the $ 1,000 level.
Bitcoin, the leading cryptocurrency, dropped from $ 26,000 on Monday to $ 21,000. On Tuesday, Bitcoin dropped to $ 20,000 for the first time in 1.5 years.
DANGEROUS BITCOIN BELOW THE CRITICAL LEVEL
The flagship currency, which moved around the $ 20,000 level during the week, briefly tested $ 21,000, but failed to maintain its hold above this point. To date, Bitcoin has fallen below the critical threshold of $ 20,000 and has regressed to $ 18,000 742. Bitcoin is currently trading at $ 19,193.
BULLS CANNOT KEEP THE PRICE AT $ 20,000
The pivot level of $ 20,000 is quite critical in Bitcoin. In Bitcoin, which has moved around this level in the past few days, the bulls were buying so that the price did not fall below the $ 20,000 level. In fact, the weight of the sellers has increased in the market and the bulls have not been able to prevent the price from falling below $ 20,000.
WILL THE DECREASE GO ON BITCOIN?
Investors are wondering if the price will drop further in Bitcoin, which caused anxiety by staying below the $ 20,000 level. Ki Young Ju, CEO of the cryptocurrency analytics site CryptoQuant, made a surprising assessment on the price of Bitcoin.
In his Twitter post, Ju noted that there were 15,000 Bitcoin entries from Coinbase to Bitfinex, as crypto hedge funds filled the collateral for long positions.
ESTIMATES OF $ 10,000 PER BITCOIN
On the other hand, speaking to CNBC, Gundlach said: “Some parts of the cryptocurrency world have exploded and Bitcoin could drop to $ 10,000. When the price of Bitcoin plummeted by $ 30,000, I looked at the charts, I saw that it could. reach $ 20,000 very quickly, and it did. ”
Evaluating the decisions made by the US Federal Reserve (Fed), Gundlach said the Fed has become very short-term stocks.
Expressing that he expects inflation to approach 7% by the end of this year, Gundlach also pointed out that he expects the Fed to continue raising interest rates in the summer months.
Gundlach also suggested that the US economy appears weaker than many have expressed.
ETHEREUM SEE UNDER A THOUSAND DOLLARS
The price of Ethereum, the second highest volume digital asset after Bitcoin, has fallen to $ 975 to date. Ethereum is currently trading at $ 999.
DOWNLOAD $ 806 BILLION
The total capital value of cryptocurrencies fell below $ 1 trillion this week. The sharp decline seen today, led by Bitcoin and Ethereum, was reflected in the overall digital assets. The total capital value of cryptocurrencies dropped to $ 806 billion today.