Bitcoin Could Fall to $24k If Bulls Do not Sustain $30k
Additionally, $30k also coincides with the 0.618 Fibonacci retracement level of Bitcoin’s July 2020 breakout from $9,400 to the aforementioned all-time high at $64,854. The team at Crypterium went on to caution that the eventual breakdown of Bitcoin’s $30k support will ultimately lead to further losses to the $24k price level. They explained:
…Bitcoin has been in a downtrend for the last 3 months, as the candles are constantly falling and colored red.
…the probability of the first cryptocurrency falling to $30,000 is very high. If buyers fail to keep this level, then the price can fall significantly lower, up to $24,000. So far, it looks crazy, but we do not see how the chart reversal should occur.
I’m Waiting For Bitcoin to Drop to $24k – Robert Kiyosaki
In a similar analysis, legendary American businessman and author of ‘Rich Dad, Poor Dad’, Robert Kiyosaki, had identified $24k as an area for a buy, should Bitcoin’s pullback continue to lower levels. Mr. Kiyosaki also warned about the continual money printing by the US Federal Reserve causing the biggest crash in world history. His analysis of Bitcoin and the state of the global economy can be found in the following statement.
Biggest bubble in world history getting bigger. Biggest crash in world history coming. Buying more gold and silver. Waiting for Bitcoin to drop to $24 k. Crashes best time to get rich. Take care.
- Bitcoin has been on a downtrend for the last three months
- $30k continues to be the support area to watch for Bitcoin on a macro level
- This level also coincides with the 0.618 Fibonacci Retracement Level of Bitcoin’s push from $9,400 to the recent all-time high of around $64,800
- A failure of $30k could lead to further losses to the $24k price area that has also been highlighted by Robert Kiyosaki as being an area of interest
Bitcoin (BTC) has been on a downtrend for the last three months and since its most recent peak value around $64,800 set in mid-April this year. This is according to an analysis shared by the team at Crypterium research who also pointed out that Bitcoin’s $30k support remains the level to watch moving forward.