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Bitcoin continues to fall slowly and, in my opinion, is approaching its X hour: the level of 31,082.82, marked with a red dotted line, has been reached. The price may once again bounce up from it or reach the support at 28,392.99 and reverse there.
Technically, there are still grounds for this forecast. And as long as these boundaries are not broken, there is a chance for recovery. Although it would be unprofessional to exclude a bearish scenario, and there is a chance that the price will break through the level of 28,392.99 and gain a foothold below it.
Now that the price is moving so slowly and the market is stuck in a state of turbulence, there are many quite strong opinions both for the continued growth of BTC/USD and for its further decline.
And while we are waiting for a local technical solution, we will consider alternative views on the future of the main digital currency.
For example, the CEO of Euro Pacific Capital, Peter Schiff, who is considered not only a critic of bitcoin, but also a hater of it, wrote that his opponent and cryptocurrency advocate Mike Novogratz is not doing very well.
Schiff, in his tweeter post, notes that the share price of Galaxy Digital Holdings (GLXY) is falling. At the time of posting the tweet, it was down 63% from the highs reached in April.
The crypto critic is sure that the drop in GLXY quotes is certainly bad for the price of bitcoin, it can even serve as a catalyst for the collapse of the main cryptocurrency below $30,000 per coin.
Galaxy Digital Holdings is owned by the cryptocurrency hedge fund Galaxy Digital, which is run by Mike Novogratz, a bitcoin bull and former Goldman Sachs partner.
In his tweet, Schiff writes that the drop in GLXY for such a long time is a bad sign for bitcoin, the flagship cryptocurrency. The stock was "dropping like a stone," Schiff wrote in a comment on his own tweet, suggesting that GLXY could fall further as bitcoin falls below the $30,000 level.
In addition, Novogratz's forecast on bitcoin did not work. In May, he announced that the main cryptocurrency would fall not lower than the level of $40,000, but now BTC/USD is approaching the value of $30,000.
In a recent interview, Novogratz noted that around 85% of its net worth is in cryptocurrencies. This means that the losses will be more significant if the market still sags.
How much can the drawdown of the main cryptocurrency deepen if the sideways recovery scenario does not work? In my opinion, the next strong support level will be the all-time high in 2017 - bitcoin could drop to $20,000 per coin.
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