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June 28, 2022
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Bitcoin moves to $40,000 after falling $28,000

Bitcoin is headed for $40,000 after dropping $28,000 on Tuesday.

Bitcoin experienced another drop, reaching levels of $28,000. Clearly, the largest cryptocurrency in the world showed a downtrend in the last days. However, looking at the charts, the BTC is heading towards the $40,000 level again.

In the chart above, we can see that the BTC suffered a big price drop in the last few days. Specifically, Bitcoin registered a rate of decline of -15.5% in the last 7 days. This is the result of the left and right problems faced by Bitcoin around the world.

However, in the last 12 hours, Bitcoin is showing an aggressive price increase from its low state below $30,000. If this uptrend performance continues, the price of Bitcoin could rebound. Furthermore, if cryptocurrency is able to repeat its price bomb last month, Bitcoin could break the bullish price of $40K. Of course, all this will be possible if the bull market continues to favor the cryptocurrency.

It is noteworthy that one of the reasons for the drop in prices is due to the statement by the Agricultural Bank of China on June 21st. The financial institution claims that it prohibits the use of virtual currency transactions such as Bitcoin. The BTC is currently trading at $34,099.19 with a 24-hour trading volume of $64,176,302,560.

Previously, Andrei Stanciulescu of Sublime Traders also predicted that Bitcoin will likely hit $80,000. However, he also warned that the BTC could drop to $15,000 before it recovers. The forecast is based on the resistance levels that Bitcoin is building in its downward spiral. So, Andrei claims that these tiers will later act as key catalysts that will push the cryptocurrency to $80,000.

Meanwhile, a Twitter account recently tweeted data comparing the number of BTC users with Internet users. Based on the data, it shows that the amount of BTC users is roughly the same as the world wide web was 20 years ago – in 1997, when the Internet was in its infancy. Consequently, people don’t need to worry about Bitcoin when it is experiencing a strong market crash.

Source: coincidence

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