The price of Bitcoin fell by 3% on May 23 to below $30,000 per coin.
The price range of $28,500-31,500 has been around for a time now.
Both Bitcoin and Ethereum have been closely tracking each other throughout this latest market downturn. An increasing number of financial experts believe that Ethereum usually outperforms Bitcoin. On the other hand, on-chain data shows that Bitcoin has done better than Ethereum, particularly during the weak market. The monthly return profiles for BTC and ETH have been disappointing in the near term.
Even though Bitcoin (BTC) is the biggest cryptocurrency globally, it is still under heavy selling pressure. Despite a rise in the stock market in the United States, the price of Bitcoin fell by 3% on May 23 to below $30,000 per coin and is now trading at $29,189.
Uncertainty in the Short Future
This price range of $28,500-31,500 has been around for a time now. This is the longest “continuous string of red weekly candles in history” in the crypto space, according to Glassnode statistics. For the next three to six months, a glance at the Bitcoin options market shows significant adverse risks. According to Glassnode’s recent analysis, the Bitcoin options market reflects the uncertainty in the short future.
On Monday, May 23, Guggenheim Chief Investment Officer Scott Minerd told CNBC that the Bitcoin price might decline much lower to $8,000. As a result, it’s possible that the present levels might be corrected by more than 70%.
Scott stated:
“When you break below 30,000 [dollars] consistently, 8,000 [dollars] is the ultimate bottom, so I think we have a lot more room to the downside, especially with the Fed being restrictive”.
Notably, Minerd forecasted that Bitcoin would reach $15,000 at the bottom of its sell-off in July of last year. However, Bitcoin continued to rise to an all-time high of $69,000 eventually that year.