Bitcoin price prediction: The extended periods of consolidation seem to have taken a toll on cryptocurrencies, and Bitcoin hasn’t been spared. As most cryptos declined by around 6% in the past 24 hours, Bitcoin experienced a sharp 7.5% drop, plunging to a current price of $25,800. Is Bitcoin headed for the dreaded $20,000 mark?
Why are Cryptos Crashing?
While many macro elements continuously impact crypto prices, the past day brought forward news that Elon Musk’s companies have sold off millions in Bitcoin holdings. This massive sell-off from such an influential “whale” only added to the growing concerns and expedited the ongoing crypto crash.
Bitcoin Price Analysis: Why is Bitcoin Crashing?
The general downturn in the crypto market has heavily impacted Bitcoin, which saw a 7.5% decline in a single day. This setback leaves Bitcoin’s performance at -12% over the past week.
Bitcoin Price Prediction: Will Bitcoin crash to $20,000?
If the bearish trend continues, Bitcoin may head towards the following price targets:
- Target 1: $25,000
- Target 2: $22,000
- Target 3: $20,000
Will Bitcoin Price Recover?
Bitcoin’s recovery largely depends on the broader crypto market sentiment. A shift towards a positive outlook could rekindle buying interest, but this could potentially take a few days as short-term traders assess the situation.
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Source: https://cryptoticker.io/en/bitcoin-price-prediction-as-the-crypto-market-crashes-bitcoin-to-20000/