Bitcoin is dragging lately around 6k and there are different theories what is going to happen. We all waited for the futures in June hoping that they will move the market, but nothing happened.
Heres an insight into what's going on with Bitcoin:
- Bitcoin peaked at 20k
- A lot of people entered the market while the price was 10-15k
- A sharp decline happened afterwards - those who bought it early cashed out
- Those who lost the money didn't close their positions, they are waiting for the come back
- Others are trying to push it even lower, but hard resisitance is around 6k
- The other bottom support is strong at 5k
Scenario 1:
In August Bitcoin is going to fall at 5.5k USD or even lower to 5k. Afterwards a strong bullish market is going to regain all ending the year at around 10k - 12k
Scenario 2:
Bitcoin is going to fall even lower to potentially 3k USD. This is going to happen because those who entered the market in 10k - 15k value of BTC are going to close their positions - accepting the loss. The market will consolidate and clean itself. A complete new year of bitcoin is ahead with realistic starting price.