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?
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.