Brutal Attack on Bitcoin Continues, BTC Price Could Crash to $25,000 if Institutions Fail to Defend These Levels!
The post Brutal Attack on Bitcoin Continues, BTC Price Could Crash to $25,000 if Institutions Fail to Defend These Levels! appeared first on Coinpedia — Fintech & Cryptocurreny News Media| Crypto Guide
Bitcoin, the star crypto which has a decade long history, just came into the limelight a couple of years ago. It was when the strength of fiat currency was weakening due to the turbulence caused by the prolonged pandemic situation across the globe. People just jumped into the crypto space to save their hard-earned money and this was when the BTC price just jumped from just $10,000 to as high as $69,000 within a short time.
Yet to curb the Bitcoin inflation, a correction was much required but currently, when the BTC price is more than 50% below its ATH, people believe the asset may plunge more than 20% again!
Interesting, Isn’t it? But the question is will it drop so heavily and moreover, will they allow to drop so hard? And above all if it drops what may happen next? Let’s see!
The swelling Crypto ecosystem has no doubt attracted huge traders from all caste and creeds but also compelled huge institutions to step in. Some Wall-Street bets tried their luck in crypto, while some Wall-Street companies began acquiring Bitcoin. This was when Bitcoin experienced a massive bull run. However, for the past 6 months, the prices are falling apart and finding new lows constantly.
Now When the Bitcoin price has already plunged hard from $69,000 to $36,000 at the press time, the bears may now aim to drag the price below $32,000. Once these support levels are broken, BTC’s price may easily tremble down below $30,000.
And this is when the panic selling may lead to yet another massive leg down towards $25,000. But what about the institutions or giant whales who acquired Bitcoin at a lower price then, which are now break even?
Average Buy- The Strong Support for the BTC Price
The top institutions which hold huge BTC reserves are namely MicroStratergy, Luna Foundation Gaurd & Tesla. After the recent acquisition of these companies, the current holdings are as follows,
- MicroStratergy: Approximately 125,051 Bitcoins worth more than $3.8 billion at an average price of $30,700
- Luna Foundation Gaurd: