Bitcoin price nears dangerous level as bloodbath continues

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news.com.au

16th June 2022 – (New York) The world’s top ranked cryptocurrency is just $87 away from slipping into oblivion.

In the last 24 hours, bitcoin hit a low of US$$20,087 but was trading slightly higher at time of writing, at US$21,920.

However, several experts have warned that if BTC dips below the all-important $20,000 mark, it could spell disaster for the blockchain.

One trading pro has warned that if bitcoin slips below $20,000 and ethereum below $1000, then “massive sell pressure” will ensue which will further drive down prices.

Another pointed out that once bitcoin drops below that price point, it would have lost all the value it had gained from the last five years, since its 2017 high.

Arthur Hayes, former BitMEX chief, took to Twitter to voice his concerns.

“If these levels break, $20k $BTC & $1k $ETH, we can expect massive sell pressure in the spot markets as dealers hedge themselves,” Mr Hayes wrote.

“We can also expect that there will be some otc dealers and that will be unable to hedge properly and might go belly up.

He continued in his Twitter thread: “As far as the charts go, you better get out your Lord Satoshi prayer book, and hope the lord shows kindness on the soul of the crypto markets.

“Bc [because] if these levels break, you might as well shut down your computer bc [because] your charts will be useless for a while.”

In the same vein, Charlie Morris, founder of digital asset management firm ByteTree, believes that $20,000 could be a support level for bitcoin to rally.

However, if it goes past $20,000, all bets are off.

It “might prove to be a support level,” he told CNBC.

“At $20k, bitcoin has made no money since the 2017 high,” he added.

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