Here’s What Happens If Bitcoin Falls Under 20,000 & Ethereum Under 1,000 By

© Reuters – The bleeding continues. Investors’ fears of central banks and rising inflation continue to plague the cryptocurrency industry, which is increasingly linked to the stock market.

Bitcoin, the world’s largest digital currency, has fallen by 28% in the past week and by 38% so far since the beginning of June. Some experts believe that the fall will not stop here.

It is currently trading for less than a third of its value when it reached 69,000.

“Currently, all eyes are on the 20,000 price level, not only because it is a significant psychological resistance level, but also because it marks the peak of Bitcoin’s previous rally in 2017,” the Decrypt report states.

Decrypt added: “During previous bear markets, bitcoin has never fallen below the peak price of the previous bullish move. However, the difference this time around is that bitcoin has a much smaller distance to break that mark.”

“If the bitcoin price drops below 20,000, I think we will see significant buying pressure at these discount price levels because the long-term bitcoin value proposition is still in place,” said a Decrypt analyst.

“If bitcoin loses this level, it will recover quickly,” he added.

However, eyes are not only focused on Bitcoin. Experts are anxiously watching the collapse of Ethereum, the world’s second largest digital currency, which has fallen by 32% in a week and 47% since the beginning of the month.

“If the value of Ethereum (ETH) drops below 1150, it will trigger a massive series of liquidations in the market,” USA Today reported on Sunday.

“Bitcoin appears to be on the verge of crashing to $20,000 and Ethereum to $1,000. If that happens, the total market capitalization of nearly 20,000 digital tokens will drop to less than $800 billion, from about $3 trillion at its peak,” YouTube added.

And this weekend, economist Peter Schiff, one of Bitcoin’s biggest critics, said, “Don’t buy these dips, you’re going to lose more money.”

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