Will Bitcoin Price Plunge Below $20k After Its Worst Correction? Analyst Hints Support Level

After Tesla CEO Elon Musk expressed concerns about bitcoin’s power consumption, the cryptocurrency market, especially bitcoin, has taken a turn for the worse over the last week. Its market share has dropped to a three-year low of 40%. Furthermore, bitcoin’s popularity has plummeted to “serious fear” levels, the lowest since April.

Peter Brandt, who predicted Bitcoin biggest market collapse in terms of US dollar value back in January 2018, is commenting on the latest BTC correction.

The seasoned analyst and trader claims that the current BTC pullback, which has seen the leading crypto asset drop from an all-time high of $64,899 to a 90-day low of $42,207, is Bitcoin’s deepest correction since the coronavirus-induced meltdown last year in a new tweet.

The chartist says he’ll stop tweeting about cryptocurrency “for a month or so,” warning that some of his followers will “experience pain“:

Also Read : Bitcoin Price Slumps Below $40,000, Is The Bear Market Underway?

Bitcoin Looking At $15,500 Support Level:

According to a May 16 tweet by Puru Saxena, an investment fund manager and prominent investment analyst, the Bitcoin “bubble burst” appears to be underway, with signs pointing to a $15,500 support level for the No. 1 cryptocurrency.

He observes the 200-week EMA as “the historical support,” which is presently “long way down” at $16,000.

 

https://twitter.com/saxena_puru/status/1394827567538970625?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1394827567538970625%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fcoinpedia.org%2Fbitcoin%2Fis-bitcoin-price-rally-over%2F

Last week, Tesla CEO Elon Musk made a U-turn on bitcoin, stating that due to environmental issues, he would no longer allow his company’s electric vehicles to be purchased using the cryptocurrency. Within hours of Musk’s tweet, the cryptocurrency market had lost hundreds of billions of dollars.

The most famous cryptocurrency fell to $40,127, its lowest point since February 8. It’s now down 38% from it’s all-time high of $64,895 set on April 14th.

The relative strength index (RSI) on the daily chart has closed oversold for the first time since March 2020, according to crypto trader Scott Melker.

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