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 (Cryptocurrencies) Bitcoin's recent decline has strategists speculating on a possible drop to $20,000 in the near future

According to strategists following the cryptocurrency selloff, another terrible week for Bitcoin could be a sign of more pain to come.According to Oanda Corp., Evercore ISI, and Tallbacken Capital Advisors LLC, more price deterioration might bring the $20,000 zone into view as a downside target.

As of 10:16 a.m. in London (9th June, 2021) , Bitcoin had declined nearly 7% this week and was trading at around $34,200.

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Is Cryptocurrency Bitcoin falls back ?

The largest cryptocurrency is “dangerously approaching the $30,000 level” as regulatory concerns grow in the United States, and “a break of $30,000 could see a tremendous amount of momentum selling,” according to Edward Moya, senior market analyst with Oanda Corp.

                                                      Photo by Dmitry Demidko on Unsplash

Bitcoin has dropped around $30,000 from its April high, weighed down by a rebuke from billionaire Elon Musk over the amount of energy it requires, as well as a renewed regulatory crackdown in China. The ability of US authorities to recover a high-profile Bitcoin ransom also undermined the notion that it is beyond government control, which has been a point of faith for some Bitcoin supporters.

Both Evercore technical strategist Rich Ross and Tallbacken Capital Advisors' Michael Purves have identified the $20,000 level as a potential key level if Bitcoin falls much lower than it is now.

Others, on the other hand, are optimistic about the long term prospects.

For example, Michael Saylor's MicroStrategy Inc. increased a junk-bond sale from $400 million to $500 million in order to fund the purchase of more Bitcoin. MicroStrategy has emerged as one of the most bullish publicly traded companies when it comes to cryptocurrencies. El Salvador's President Nayib Bukele announced that the country has adopted Bitcoin as legal tender.

Nonetheless, about a week after Bitcoin's all-time high in mid-April, Tallbacken's Purves argued that the bullish case was “highly challenged.”

How far can it fall?

Purves inquired in his note on Tuesday. “The most obvious answer remains a complete retracement of the breakout from $20,000 – that is, back to $20,000.”

Meanwhile, the debate over how heavily to police cryptocurrencies is heating up. According to a Financial Times interview, Hester Peirce, a commissioner with the Securities and Exchange Commission, is concerned about a push by regulators toward a more active role in the crypto market.

The simplest way to avoid crypto market crashes is to look for new ways to invest and to work with companies such as  ( IQarabian and Coinex).

In conclusion

The cryptocurrency market has been volatile. People are wondering which coin to hold or if now is a good time to invest. Before you jump to conclusions, I believe you should examine the situation first. Analysts are divided on whether Bitcoin is entering a bear market or is simply experiencing a brief correction on the way to new highs. Despite the recent price drop, investors who bought early are still profiting, and they also profit from trading. 

Cryptocurrency is unquestionably the currency of the future. There are numerous advantages to cryptocurrency, including the fact that it is based on Blockchain technology, which makes it (Easy to monitor, Tamper proof, Transparent and Quick in terms of transactions).

As consumers, it is critical to understand how this currency is evolving and whether your country is supportive or opposed to it. Laws and the current financial structure may change overnight, resulting in completely new modes of payment and earning!

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