Bitcoin Fall Has Strategists Seeing Possible Drop Toward $20,000

How can Bitcoin fall

According to analysts and technical strategists Rich Ross and Tallbacken Capital Advisors’ Michael Purves, the potential key level if Bitcoin falls much lower than it is now is in the $20,000 area.

Nonetheless, there are different opinions of experts who are confident in the long-term perspective of cryptocurrency.

For example, on June 7, MicroStrategy announced that it plans to raise $500 million for the subsequent purchase of bitcoins. A press release from the company indicates that MicroStrategy will transfer all of its cryptocurrency to a newly formed subsidiary. Today, MicroStrategy Inc. is the largest cryptocurrency holder among public companies.

El Salvador became the first country in the world to declare Bitcoin as an official means of payment. The previous evening (June 9), the Congress supported the initiative of President Nayib Bukele by a majority vote.

However, a week after Bitcoin’s all-time high in mid-April, Michael Purves argued that crypto’s optimistic stance looked “highly challenged.”

Purves was interested in “How much lower can it go?” that he voiced on Tuesday. “The most obvious answer continues to be a complete retracement of the breakout from $20,000 — in other words, back to $20,000.”

Meanwhile, the controversy about how heavily to police crypto does not subside. According to an interview for the Financial Times, Hester Peirce, a commissioner with the Securities and Exchange Commission, expressed her concern that regulators will seek a more active role in the cryptocurrency market.

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