The cryptocurrency, which is down 54% from its all-time high of $63,237 hit in mid-April, has fallen as much as 24% in the past 5 days.
That $30,000 level is particularly important for Bitcoin, as Barron’s recently noted, and if it breaks, Bitcoin has a lot more room to drop.
“ for any reason Bitcoin’s critical $30,000 support were breached, it would be vulnerable to decline back to $20,000,” The Institutional View’s Andrew Addison wrote in Barron’s back in May.
If the price falls to $25,000, the price could sink to $6,000, according to ICAP, an almost 80% drop from its current level.
For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.