ICB Fund analyst: «Bitcoin’s course may fall to $ 20,000 if the bulls do not return control over the market until the end of the day»


Bitcoin updated the minima from the May correction and is in step from being to break into the abyss of express to $ 20,000 — $ 24,000.

On the eve of the liquidation of the positions on cryptoderivative platforms reached $ 1 billion, and today it can surpass this line — to a significant plank there is $ 120 million, and the positions of «bulls» look vulnerable. In the Bitcoin futures market again backword. According to Coinshares, the Bitcoin-Funds fix the outflow over the past six weeks in a row. Supporters of technical analysis saw the confirmation of the «Cross of Death».

Much now depends on the long-term holders, which, according to Glassnode, have already reached a loss in terms of compared coins — 5.25% of the market proposal they bought from mid-April. Although they are true to their principles and are not selling, but this analysis may not take into account that among them there are Chinese miners who will be forced (or already, judging by the folding dynamics) to take this step to compensate for damages incurred as a result of the repressions of the authorities.

In the Glassnode, the second week fixes sales by miners of 4-5 thousand BTC, which was previously absorbed by whales on OTC platforms, but this balance seems to be broken. Also, according to Cryptoquant on stock wallets, the number of coins was recorded since the spring of last year. Surrender?

According to Peter Schiff, it is still ahead when Microstrategy will sell everything. Now on its balance sheet 105,000 BTC with an average purchase price of $ 26,080. On Monday, the company bought another 13,050 BTC

Technical problems on leading platforms due to «mad activity» are brought up parallels from May 19, when, after wild volatility, the market still found the strength to go into consolidation. If, until the end of the day, the bulls will not take themselves in the hands of a gloomy scenario of falling to $ 20,000 will become a reality. Otherwise, the triangle with the reservations will remain in force, and with it and hope for a return to $ 37,000 in July.

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