After Bitcoin lost its crucial $22,000 price level earlier this week, the entire crypto space seems to be following it on its downward slide. This price movement has influenced the global crypto market capitalization to drop below $1 trillion.
A popular analyst and trader, Tone Vays, believes that Bitcoin will see new lows as the coin repeatedly fails to sustain its bullish price movement.
Vays claims that the flagship coin is about to witness a massive price drop of 33% from its current value to hit the $14,000 mark as it failed to maintain its $21,500 price level.
Furthermore, the analyst feels that if Bitcoin enters this time frame, it will be a complete disaster. He explains that we can trade the coin while it is at the 50-period moving average for one or two days and then at the 128-day moving average.
At press time, Bitcoin is trading at $21,095, down 4.30% in the last 24 hours.
Will Bitcoin Price Drop Below $20k?
The analyst discussed the weekly chart and expressed negative sentiment on the future of Bitcoin as it failed to close above the 200-week moving average. A trend reversal may be fast approaching.
Tone Vays concludes his analysis by stating that if Bitcoin bears decide to push the price below $20,000, the selling pressure will drag the price down to hit various bottoms.
According to the researcher, there is about a 60% chance that Bitcoin will see its decline soon if the asset trades below $20,000.
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