Bitcoin price drops below $20K, breaking the crucial support levels at $20,200 some moments ago. Interestingly, the volume currently is recorded as less than that of the previous slump which clearly indicates the bulls stepping away. Therefore, the BTC price is expected to continue testing lower support throughout the weekend, yet the possibilities of a short-term bounce above $20,000 cannot be laid aside.
Bitcoin Price Plunge Could Spark a Drop to $15,000 in the Upcoming Week
It is quite evident tha the Bitcoin price has been a victim of multiple bearish events that occurred within the crypto space in the past month. The drop that began with the Terraform labs emptying their wallet containing more than 80K BTC, is now intensified to reach the lower-most point of defence before the next price action.
The monthly chart of the BTC price is displaying a huge descending trend that may be underway. The asset is currently tested and broke down from the crucial support levels around the 2017 ATH at $19,863. These levels were not revisited after the star crypto sliced through in December 2020. Therefore, reaching these levels may settle with the correction that was pending for a long time.
However, after being rejected a couple of times above $60K, the BTC price is standing at the neckline of the bearish double-top pattern. A breakdown from these levels may result in the price losing another 30% of its value during the next month to reach the levels below $15,000. Therefore, the Bitcoin(BTC) prices are expected to drop down to test these levels and later undertake a strong rebound to prevent plunging below $10,000.
On the other hand, the altcoins still hold their levels tight presently, however, they are expected to dump more than BTC very soon.