Bitcoin Rapidly Declining to $22k or $20k Seems Probable, Says BTC Analyst. Summary:.
27 May 2022, 08:00
Bitcoin Rapidly Declining to $22k or $20k Seems Probable, Says BTC Analyst
Summary:
Bitcoin could be gearing up for a rapid drop to $22k or $20k, where macro support lies.Bitcoin options data shows that traders are loading up on hedges in the event of another leg down.Bitcoin has been struggling to maintain its value above $30k.The weekly Bitcoin chart further points to more weakness that could lead to a meltdown to the 200-week moving average around the $22k price area.Bitcoin (BTC) could experience a rapid decline to $22k or $20k. This is according to an analysis shared by popular BTC analyst, MagicPoopCannon, who also explained that Bitcoin is currently trading below the 61.8% retracement level of the entire bull market. Magic also pointed out that $22k to $20k was an area of macro support for Bitcoin.
He shared his analysis of the likelihood of a Bitcoin drop to the levels mentioned above through the following statement and accompanying chart.