Bitcoin whale support lines up as trader says $14K ‘most bearish’ BTC price target

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Bitcoin whale support lines up as trader says $14K 'most bearish' BTC price target

$20,000 is being keenly watched while big buys from 2020 stand between spot price and the lowest Bitcoin bottom estimates.

Bitcoin whale support lines up as trader says $14K 'most bearish' BTC price target

Bitcoin (BTC) survived another night without breaking $20,000 on June 17 as $14,000 cemented itself as a likely bottom level.

Bitcoin whale support lines up as trader says $14K 'most bearish' BTC price target

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Trader plans to go “all in” on BTC at $14,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping to $20,220 on Bitstamp overnight before rebounding up to $1,200 higher.

The pair remained skittish but within a narrow range as market participants waited to see how long $20,000 would hold.

The picture was complicated by increasing concerns over investment fund Three Arrows Capital and others, as rumors claimed the former was seeking a bailout after it failed to meet margin call obligations.

As Cointelegraph reported, contagion expressed itself across institutional investment products including the Grayscale Bitcoin Trust (GBTC).

Analyzing the “worst-case scenario,” meanwhile, popular analyst Venturefounder began to put more faith in $14,000 — an 80% drawdown from current $69,000 all-time highs.

“Worst case scenario, imo, $20k BTC is the new $30K,” one of two tweets on the topic stated.

As Cointelegraph reported, other BTC price bottom predictions run as low as $11,000.

DXY weakness could send Bitcoin to $23,000

On macro, modest gains for United States equities at the Wall Street open took a back seat to an unwelcome rebound in U.S. dollar strength.

The U.S. dollar index (DXY), having come off its latest two-decade highs, returned with a vengeance to offer no respite to risk assets on the day. 

At the time of writing, DXY traded near 105 while continuing to rise, up from intraday lows of 103.5.

U.S. dollar index (DXY) 1-hour candle chart. Source: TradingView

Nonetheless, popular trader Crypto Ed still expected the week’s highs to remained unchallenged and for DXY to head lower once again. This, he told Twitter followers, should allow BTC/USD another shot at $23,000.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.

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