Cryptocurrency analysts predict bitcoin will fall to $ 19,000

Last week did not please crypto enthusiasts with optimistic indicators of the bitcoin exchange rate. Numerous traders and experts noted that BTC quotes failed to gain a foothold above $ 30,000 and that for several days in a row, the daily candle on the chart closed below the desired mark. Some researchers suggested that bitcoin was preparing to fall to $ 19,000.

On Saturday, July 22, the main cryptocurrency saw a short-term drop to $ 29,640. However, the price later recovered. «So, as of now, we see the rejection of the „double top“ on the chart [BTC] paired with the US dollar, so we should be extremely cautious now. The quotes may collapse,» noted the famous Crypto trader Tony on his Twitter page.

The expert assured that «the levels of $ 25,000 and $ 20,000 are key psychological marks [для біткоїна]». The expert advised traders to pay attention to them and warned that BTC quotes «may fall lower before global growth begins.»

Another trader, Nebraskan Guner, emphasized that a decline in the BTC rate «seems very likely.» Many market participants were also expecting an increase in volatility, but this did not happen. Another expert, Tony Ginea, said: «I expect global movement in the BTC rate next week. At the moment, we can note that the range of $ 31,000 to $ 32,000 is the resistance level. Support is at $ 29,000,» the analyst summarizes.

«Do not get euphoric. If the rate falls below $ 27,000, we will reach the range of $ 19,000 — $ 23,000. This is quite realistic. Play with BTC at different levels,» the strategist emphasized.

As of the morning of July 24, the main digital coin was trading at $ 29,789, a 0.41% drop in the price of BTC. The total supply of coins circulating on the market amounted to $ 625.5 billion. Traders made daily trading deals worth $ 10 billion. The market share of BTC is 48.6%.

As a reminder, Mark Yusko, CEO of the cryptocurrency hedge fund Morgan Creek Digital, recently said that the flagship cryptocurrency could grow by more than 800%. In an interview with Wolf of All Streets, the top manager noted that if we consider bitcoin to be the digital equivalent of gold, it can potentially reach the same market capitalization as the precious metal, i.e. 887% of current levels. Thus, the flagship cryptocurrency has the potential to soar to $ 300,000.