As the worldwide markets continue to consolidate, the cryptocurrency space is likewise suffering a notable pullback. Although while the longstanding holders appear to show confidence, panic sellers are causing more trouble by selling cryptocurrencies at a loss. Now that Bitcoin (BTC) shows signs of plunging to $25,000, traders expect the price to revisit levels below $20,000.
Will the Bitcoin price fall below $20,000?
Since then the collapse of the Terra (LUNA) ecological system back in May 2022, market participants have continued to remain in extreme fear as it triggered numerous fallouts thereafter. The crypto tokens witnessed a sigh of relief during the 1st few weeks of the year as the bulk of them rallied significantly. Unfortunately, at the beginning of the Second quarter, the volume dried up, slashing the volatility to its lowest levels.
This is why, the traders who waited for a notable push towards $30,000 until now seem to remain in a state of distrust and have begun to sell cryptocurrencies at a loss.