Bitcoin could touch $20,000 if sell-off continues, analysts say

SourceThe National
SectorFinancial Markets
CountryMiddle east

Another bad week for Bitcoin could be a precursor of more pain to come, according to strategists watching the sell-off in cryptocurrencies.

Further weakness in its price may bring the $20,000 zone into view as a downside target, according to Oanda, Evercore ISI and Tallbacken Capital Advisors. Bitcoin fell about 2 per cent to $33,000 as of 11.23am in Hong Kong and is down some 10 per cent so far in June.

The largest cryptocurrency is “dangerously approaching the $30,000 level” amid growing regulatory fears in the US, and “a break of $30,000 could see a tremendous amount of momentum selling”, said Edward Moya, more...