Recent activity on crypto charts indicates that Bitcoin’s (BTC) price is on a downturn. The cryptocurrency continues to struggle since the start of the year. According to crypto writer Osato Avan-Nomayo, a certain expert went on to predict that the digital token may hit bottom at 2,500 USD before rebounding.
Bitcoin (BTC) Price Today / USD
Bitcoin (BTC) has dropped 1,000 USD in just one week (from 7,700 USD to 6,700 USD). The digital currency eventually managed to pull some recovery in recent days. However, the minor rally was wiped away as prices fell below the 6,500 USD mark on June 21. Bitcoin (BTC) is currently trading a little above the 6,100 USD mark after experiencing a 7 percent decline in only 24 hours.
Are There Signs of a Bottoming In Bitcoin’s (BTC) Market Movements?
The president of Blue Line Futures, Bill Baruch, in a recent article on CNBC said Bitcoin is moving towards its bottom level. He insists that there are signs that indicate that the market’s volatility is “depressed.” Baruch also went on to say that Bitcoin’s (BTC) market is now supersaturated. He expressed fears that two consecutive digital currency exchange hacks might have been the reason why retail investors didn’t show up.
Bitcoin (BTC) Can Fall as Low as $2,500 and Still Rebound to $14,000
Many experts are predicting that Bitcoin (BTC) will rally again to a strong position. In fact, some are of the opinion that the digital token will rally to 14,000 USD after the price decline is corrected. Crypto experts like the founder of London Fintech Week, Luis Carranza, believes that no matter how much Bitcoin (BTC) falls, it will rebound strongly. Carranza thinks that crypto price movements are unpredictable. He insists that there are massive price spikes and drops. Many have cited the recent regulatory clarity and influx of huge investments as key reasons why Bitcoin (BTC) will rebound with full force.