This Expert Warns Bitcoin Might Be Heading For $22,000 Level


According to Patrick Heusser — head of trading at asset manager Crypto Finance — Bitcoin’s (CRYPTO: BTC) fall below $30,000 is just the beginning of another major correction for the world’s top cryptocurrency.

What Happened: According to Fortune, Heusser told the outlet that he is “expecting a strong dip towards $22.000” during a recent interview.

The report follows Bitcoin falling below the $30,000 level earlier this week, for the first time since June 22.

As of press time, Bitcoin is trading higher, at $32,277, nearly 40{8a924211cc822977802140fcd9ee67aa8e3c0868cac8d22acbf0be98ed6534bd} down from its mid-April all-time high of almost $65,000.

This has brought on the timidly soaring bearish sentiment that recently saw competing with Bitcoin bulls as the options market saw increased demand for out-of-the-money or lower strike put options at $22,000 and $20,000.

Another indicator confirming the growingly bearish sentiment is the Crypto Fear & Greed Index sentiment tracker, which currently puts the cryptocurrency market in the “extreme fear” with a score of 19, where the max confidence score is 100.

                                    Crypto Fear & Greed Index

Billionaire Fund Manager Jeffrey Gundlach seemingly shares Heusser’s opinion, considering that he expects Bitcoin to fall below $23,000, according to reports published late last week.

With Bitcoin underperforming stocks with the S&P 500 up 15{8a924211cc822977802140fcd9ee67aa8e3c0868cac8d22acbf0be98ed6534bd} year to date, while BTC is just 5{8a924211cc822977802140fcd9ee67aa8e3c0868cac8d22acbf0be98ed6534bd} up over the same time period, investor interest in the asset is suffering as well.

This is confirmed by the coin’s trading volume data, which apparently decreased to just 35{8a924211cc822977802140fcd9ee67aa8e3c0868cac8d22acbf0be98ed6534bd} of its year-to-date average over the past week.

Read next: Nearly Half Of Goldman Sachs’ ‘Ultra-Rich’ Clients Want Crypto In Their Portfolios



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