Bitcoin fell below $ 30K. What happens next?

The cost of the first cryptocurrency has been updated at least since the beginning of the year.

Experts explained in which case the correction can be expected to stop, and how low the price of an asset can fall in the near future.

On Tuesday, June 22, the bitcoin rate on the Binance crypto exchange updated at least since the beginning of the year at $ 28.8 thousand.

The first cryptocurrency is trading at $ 29.7 thousand, over the past day it has fallen in price by 10% . Over the past two months, cryptocurrency quotes have fallen by more than 50%. In mid-April, the asset set a historical maximum value – $ 64.8 thousand.

Bitcoin price dropped below $ 30 thousand for the first time since January

Popular TradingView analyst Dmitry Lavrov (DLavrov) explained that $ 30K is the support level for Bitcoin.

This means that the following targets for the asset price can be $ 27-28 thousand. The expert called the level of $ 20 thousand as the main goal for traders who are short.

Lavrov warned that if the price of the cryptocurrency in the near future can again exceed the $ 30 thousand mark, this will signal the possible start of a new wave of growth in quotations.

The $ 30 thousand mark is psychological, the fact that the bitcoin rate has broken through this level can provoke a panic sale by private investors, warned Nikita Zuborev, senior analyst at BestChange.ru.

According to him, there was a risk in the next few hours to see a sharp drop in quotations and to the level of $ 25 thousand. Zuborev recalled that Tesla acquired bitcoin at a price of approximately $ 30 thousand.

In the reporting for the first quarter of 2021, the electric car manufacturer announced that at the end of March it sold bitcoin for $ 272 million, fixing a profit of $ 101 million.

The company said that they believe in the value of cryptocurrency in the long term and intend to keep their bitcoin. Tesla owns 42.9 thousand BTC, information about their purchase was disclosed in early February.

Sergey Zhdanov, CEO of the EXMO crypto exchange, also warned about a possible drop in the bitcoin rate to the level of $ 25 thousand.

According to him, this can happen if the price does not rebound above $ 32 thousand from the current levels.

Zhdanov called a movement even lower, as there should be large buy orders at the $ 25 thousand mark.

Software maker MicroStrategy, which in mid-June acquired bitcoin for another $ 500 million at a rate of about $ 37,000, adds optimism, Zuborev said.

According to him, such an ambitious deal suggests that the company regards the current price as low enough and expects to make a profit.

MicroStrategy is the largest Bitcoin holder among public companies. Its CEO, Michael Sailor, said that she owns 105,000 BTC in total.

The average purchase price of a cryptocurrency is $ 26 thousand, and its total value currently exceeds $ 3 billion.