Crypto Looks to Recuperate After Falling Under $20,000

On June 20th, Bitcoin, one of the world’s major cryptocurrencies, was reported to be trading under $20,000. According to CNN Business, Bitcoin dropped “as low as $17,592.78, falling below $20,000 for the first time since December 2020.” on Saturday.

According to Decrypt, Swan Bitcoin Analyst Sam Callahan said he believes that it is “possible that Bitcoin could drop more than 80% from its all-time high”, meaning it could fall as low as $13,000. Callahan mentioned he isn’t worried if this does in fact happen, because it would be possible to see”substantial buying pressure at those discounted price levels because Bitcoin’s long-term value proposition remains intact.”. Yuya Hasegawa, a cryptocurrency market analyst for Japanese crypto exchange Bitbank, also spoke to Decrypt saying “Bitcoin could go under $20k temporarily but will likely recover the level around it quickly,”. Many fear liquidation, which would ultimately cause a massive amount of selling pressure in the market.