Bitcoin price will recover even if it falls to $3,200

According to new research, the price of Bitcoin could drop to $3,200, but even if this happens, this figure is within the upward trend. On June 13, Fundstrat Global Advisors published a report that, based on transaction analysis, said that due to insufficient support, the price of BTC to the dollar could fall to the February low ($6,900) before rebounding, and then could fall to $5,500 or even $5,000.

This week, the price of almost all cryptocurrencies touched an important support line after the low reached last week. Many cryptocurrencies are now approaching the next major support level, with BTC hitting its April low ($6,420).

In the long term, prices could fall significantly to the bottom of the uptrend that began in 2016. This would mean the price would fall to around $3,200, a correction of more than 80% from the all-time high, but would still be within an uptrend.

This Bitcoin price move mirrors the 2014 trend, Fundstrat said, confirming similar findings made last week by cryptocurrency trading analyst Tony Weiss.

What the bearish trend will mean for BTC 2014? “A correction like this marks a decline to the bottom of the trend channel, which coincides with the 2016-2017 upward trend in BTC at around $3,200,” analysts say.

Fundstrat co-founder Tom Lee, who participated in the analysis, continues to stick to his predictions that Bitcoin will reach a price of $25,000, five thousand more than its all-time high in December. He repeated this position last month, despite the fact that the Consensus conference did not show the 70 percent price increase that Lee himself had predicted.

 He explained: the price of Bitcoin does not have to increase every day to go from $8,000 to $25,000. Ten lucky days can affect the entire Bitcoin profit for the year. If you don't have Bitcoin in these ten days, you can lose 25% of your profits.

According to bitcoinist