Bitcoin at Crisis! Fails to Regain Traders’ Faith After Slipping Through US$24K

Bitcoin might lose all investor support if it fails to breach US$24k by the end of August

The crypto market can offer people success, security, and profit, but still, its volatility continues might scare them away. It is quite a known fact that cryptocurrencies like Bitcoin are highly volatile by nature, but its recent crashes are making BTC fanatics rethink their decision to continue to support the token. Bitcoin fell below US$20,000 from its all-time highs of US$68,000 in November 2021, since the crypto market collapsed. The token's value has shrunk by over 70% this year, which in turn adversely impacted the wider crypto market. Initially, when the market crashed, experts believed that Bitcoin is gearing up for another of its big price rally, and the decline in its price is just another cycle that the BTC token usually undergoes. But unfortunately, these predictions have been wrong all along. Combined with the various geopolitical and economic crises, Bitcoin's volatility worsened, and now more investors are considering dumping their investments after having suffered significant financial losses.

Investors have been optimistic and have held on to their beliefs about Bitcoin's future prospects for too long. Triggered by the revelation of the probable launch date of the Ethereum Merge upgrade, almost all cryptocurrency prices, including BTC's rallied. The token breached the crucial resistance point of US$24,000 but declined soon after. Experts are divided on the argument as to when Bitcoin will cross US$26,000 and head towards the US$30,000 range. Some say that the token will decline as low as US$10,000 before it heads back to the US$30,000 mark, whereas, others predict that it is only a matter of time for Bitcoin to cross US$26,000 and recover its value. But time again, BTC is rejecting the US$24,000 resistance floor. In fact, quite recently, the token briefly touched US$24k, but soon it retracted. This phenomenon has been continuing for quite some time now and is now scaring investors who believe another market crash is imminent before ETH 2.0 upgrade is launched.

Investors Bullish on Bitcoin is Now Rethinking Investment Prospects

Bitcoin's resistance comes at a time when even Ethereum denies to meet US$2,000. This proves that the largest cryptocurrencies in the market are plummeting massively and are unable to hold on to their resistances. Crypto bulls are facing resistance at the most critical levels. Over the past week, the Bitcoin price has been only trending below the US$25,000 mark, its brief breakouts have not significantly aided to reduce the inconvenience that the investors are already facing. Veteran traders predict that BTC's current price dilemma will not end so soon, as its price might decline to the US$20,000 mark.

Based on current price predictions, if Bitcoin fails to move past the US$24k resistance, it would certainly climb down to US$21,000, which was its previous price support. Then again, if the token continues to sit at one particular resistance for a long time, it is ought to plummet further below. Eventually, it will revolve back to the dreaded US$19k resistance, which does not yield many profits and continues to diminish the overall value of the cryptocurrency market.

When will Bitcoin reach US$30,000?

At the time of writing this article, the Bitcoin price is revolving around US$23,000. Its constant declination is making it extremely difficult for crypto experts to estimate the time by which it will reach US$30k, but one positive aspect of this degrading situation is that more and more investors are joining the market. It is expected that Bitcoin's price will rise again, but after being affected by various external factors, it is becoming quite difficult for Bitcoin to retain its position.