Cryptocurrency analyst predicts bitcoin will fall below $ 20,000

Popular cryptocurrency analyst Tony Weiss notes that if bitcoin does not stay above $ 25,000, the market may panic and then the BTC rate will fall significantly lower.

In his new video, the analyst says that the pressure of cryptocurrency sellers is growing and the rate of the first digital asset may significantly decrease.

«Bitcoin continues to struggle, but I would say that there is a high probability that BTC will fall to the next moving average. And if the daily candlesticks continue to close lower than the previous ones, I would advise you to reduce your position by 50%, because I can’t say to what levels the BTC may fall. It may well drop to $ 25,000. There are enough people on the market who continue to sell their coins for some reason,» the analyst says.

Weiss is convinced that if bitcoin does drop to $ 25,000, there is a high probability of a long-term decline in the market’s flagship. According to the expert, the first cryptocurrency «is on the edge of an abyss and things look bad.»

«The rate needs to turn around immediately, and I mean this month. We don’t have room to fall for another month, otherwise the market will panic, and I wouldn’t be surprised if BTC trades below $ 20,000. Miners will also start selling their stocks, which is very dangerous,» Weiss warned.

It is worth noting that in late May, Weiss spoke about the rapid growth of the first cryptocurrency if it consolidated above $ 30,000, but BTC failed to maintain the desired performance.

At the time of writing, the flagship cryptocurrency is trading at $ 29,039, having barely grown since yesterday. The market capitalization of BTC amounted to $ 564.79 billion, and traders made daily trading deals worth $ 6.57 billion.