- Bitcoin dips below $30,000 for the first time in four weeks.
- It is currently trading at $29,755.10.
- Analysts expect another dip ahead before a sharp rise.
For the first time in four weeks, the price of Bitcoin (BTC) has dropped to below $30,000. Wall Street analysts say hodlers are panic selling many top-performing assets including Bitcoin.
This sudden drop has led some analysts to believe that the time has come for the price of BTC to drop further. At the time of writing, according to CoinGecko, Bitcoin is trading at $29,755.10.
Since mid-May, the price of Bitcoin has been staggering between the $30,000 to $40,000 range. Moreover, on June 22, the price of Bitcoin dipped below $30,000 but recovered soon after.
To highlight, the dip at that time was because the People’s Bank of China chose to exit the field of Bitcoin and crypto trading. This move meant all major financial institutions had to stop facilitating all crypto transactions. Its first crypto exchange — BTCC, had to close down as well.
Therefore, the country went on to find Bitcoin miners within its borders. This further led to more and more miners having to stop their mining in the country. Most are now looking to relocate to the USA.
The head of trading at Crypto Finance AG — Patrick Heusser, believes that another strong dip is imminent for the price of Bitcoin. In fact, he is certain the price will dip towards the $22,000 mark.
Meanwhile, other analysts are adamant that the price of Bitcoin will go up, but only after a major dip. This could be what they were referring to as well. More so, these analysts believe that the rise of Bitcoin is inevitable and say it will hit $100,000 eventually.
Accordingly, the senior market analyst at Oanda — Edward Moya, says that Bitcoin could be heading to more hard dips if it fails to attract more institutional investors. Also, these investors need to be patient, unlike the current panic sellers.
Another notable observation is the fact that only about 10% of BTC hodlers own 99% of its current supply. These hodlers have been holding onto their Bitcoin assets for years and are likely to hold onto Bitcoin for many years more. Thus, the expectation for Bitcoin to rise back up again seems more likely.