Is Bitcoin On Its Way to $25,000? Brace Yourself For The Answer

Zinger Key Points
  • One crypto analyst says BTC will drop to $23,000, and it could happen as soon as June.
  • Bitcoin Bull El Salvador President Nayib Bukele said his country added to its position.

After spending most of 2022 trading between about $48,000 and $33,000, Bitcoin BTC/USD on Monday took a decisively bearish posture, plunging to $30,500 in a drop of over 11% in 24 hours.

What Happened: As the biggest and oldest cryptocurrency, Bitcoin sets the tone for the entire crypto sector, and the BTC price implosion has dropped the overall cryptocurrency market cap to $1.4 trillion.

Now that $30,000 is in close range, could a $25,000 BTC be next? Some popular analysts say yes, and it may occur sooner than later.

Crypto trader Tone Vays says he expects Bitcoin to bottom out “at around $23,000,” and it could happen by June.

Another crypto strategist, Cantering Clark, tells his 128,200 Twitter followers there’s a chance BTC could even fall below $20,000, although he sees that as highly unlikely. He adds that if the CPI update on May 11 comes in “slightly lower,” Bitcoin will experience a significant bounce off the news.

Chart: Courtesy of Benzinga Pro

Also Read: Here's Why Bitcoin, Ethereum Look Ready To Bounce

The Bulls Are Still Buying: Some blockchain bulls have decided to short Bitcoin during the downturn, including Stephen Weiss. Others are viewing the drop as an opportunity to add to their positions.

El Salvador President Nayib Bukele announced on Twitter that his country purchased more BTC on Monday’s drop. In a tweet, he said El Salvador picked up 500 coins at an average price of $30,744. 

In June 2021, El Salvador became the world’s first country to adopt Bitcoin as legal tender. Last month, the Central African Republic became the second country to do so, as the National Assembly unanimously adopted a bill to make the apex coin legal tender in the sub-Saharan nation.

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