Bitcoin has support at $23K, but analysts warn of a dire drop to $8K as global debt unwinds

After a market sell-off that pushed Bitcoin (BTC), the top cryptocurrency below $29,000 support, the month-long price volatility came to an abrupt halt on June 13. This occurred as equity markets fell sharply and hit their lowest levels for the year.

Cointelegraph Markets Pro and TradingView data show that the Bitcoin selloff started late in the day, June 12, and escalated to midday on June 13, when BTC reached a low point of $22,592.

BTC/USDT 1-day chart. Source: TradingView

Here are the opinions of market analysts on Bitcoin’s fall and whether it is the last capitulation event prior to the long-awaited bottom.

Do you have solid support for $23,000?

In the past, bear market capitulations have seen support at Bitcoin’s 200 week moving average. This chart was posted by “Rekt Capital”, a market analyst.

BTC/USD 1-week chart. Source: Twitter

Rekt Capital suggested based on the trend of the previous two cycles that BTC might see a “macro bottom at the 200 week moving average” moving forward, if price action continues in a similar manner.

Rekt Capital said,

“If that is the case, $BTC could very soon form its first Macro Bottom at 200-week MA at $23,000. At a price of $41,000, the second Macro Bottom could be formed in two years.
According to naysts, “max pain” is $13,330

The following chart, which highlights the previously established support levels and could become resistance, provides insight into the potential direction Bitcoin might take if it continues to fall below these levels. It was created by pseudonymous analyst Whalemap.

Bitcoin price realized by address. Source: Twitter

Whalemap stated,

“#Bitcoin broke through key realised price support where they will likely be our new resistances. $13,331 is our ultimate maximum pain bottom.

Related: Bitcoin derivatives data does not show a bottom as traders avoid long leveraged positions

Bitcoin could even pull back to $8,000 in extreme cases

Francis Hunt, also known as “The Market Sniper”, said that Bitcoin could fall to $8,000 before it reaches a bottom.

BTC/USD 1-day chart. Source: Twitter

Hunt stated,

“The accumulation points would range from $17,000 to $18,000. The $15,000 is unexpected, it’s a shock, it’s a head and shoulders. A full round trip will get you back to our funnel, which costs $8,000 to $10,000. You should do your research before making any investment or trading decision.