Main navigation

Bitcoin Has Room to Drop to $12,500: Fundstrat

Wed, 06/29/2022 - 12:17
article image
Yuri Molchan
After Bitcoin has dropped below $20,000, Fundstrat expert believes much deeper fall cannot be ruled out
Bitcoin Has Room to Drop to $12,500: Fundstrat
Cover image via

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

Earlier today, global flagship cryptocurrency Bitcoin plunged below the $20,000 level but then recovered above it slightly, now striving to hold in this price zone.

However, a strategist at Fundstrat Global Advisers believes that "Bitcoin has room to drop" much further.

"BTC may fall as low as $12,500"

According to Bloomberg, technical strategist at Fundstrat Mark Newton reckons that a final "washout" for Bitcoin is likely before it finds the bottom. At the moment, there is room for BTC to fall to as low as $13,000 -$12,500, according to the expert, and that would become "an excellent place for intermediate-term buyers to add longs."

Earlier today, Bitcoin lost around 1.8%, when it slumped below the $20,000 level. The MVIS CryptoCompare Digital Assets 100 index also dropped nearly 4%. This index measures the largest hundred cryptocurrencies on the market by various metrics.

Here's Why Bitcoin May Drop Even More, According to FS Investments Chief Market Strategist

"Whales are likely still selling BTC": Peter Schiff

On June 28, infamous Bitcoin critic Peter Schiff, founder of SchiffGold, tweeted an assumption that whales are selling BTC at the moment.

He also stated that they have managed to pump BTC above $21,000 recently in order to "draw in more suckers" so that later on, these whales could sell more Bitcoin.

article image
About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at