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

Bitcoin (BTC), which was able to survive another night without exceeding $20,000, on June 17, as $14,000 established itself as the likely bottom level.

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

Trader will go “all-in” on BTC at $14,000

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

The pair was still hesitant, but it was within a narrow range while market participants waited for $20,000 to hold.

This was made worse by concerns about Three Arrows Capital, an investment fund. Rumours claimed that the former sought a bailout after it failed its margin call obligations.

Cointelegraph reported that contagion was present in institutional investment products, including the Grayscale Bitcoin Trust.

Venturefounder, a popular analyst, began to believe in $14,000 as the worst-case scenario. This is an 80% drop from the current $69,000 highs.

One of the two tweets that addressed the topic said, “Worst-case scenario, imo $20k BTC IS the new $30K.”

“The speed at which the $20k capitulation occurred surprised me a bit. I thought it would take longer. It makes sense when you consider the macro narrative (stocks selling off, QT taking away liquidity and huge players like 3ac dumpling).

The second post is now complete:

“I still believe my bearishest BTC downside target is $14k. Even if it falls, I don’t think it will stay lower for any significant time. I am buying on the way down. $14k = ALL IN Bitcoin. I will sell all my possessions and put it into BTC.

The current spot price is different from the target areas in which whales have purchased large amounts of Bitcoin during the immediate period following the March 2020 COVID-19 crash.

These potential “bubbles” of support, as Whalemap, an on-chain monitoring resource, noted, were $19,000, $16,000, and $14,000 respectively.

3 bubbles 3 supports
— Whalemap (@whale_map), June 16, 2022

Cointelegraph reported that other BTC price bottom forecasts are as low as $11,000

DXY weakness could lead to Bitcoin reaching $23,000

Macro: The Wall Street open saw modest gains in U.S. equities, but they were overshadowed by a resurgence in U.S. currency strength.

Related: These three metrics indicate that the Bitcoin price crash may not be over

After achieving its two-decade highest, the U.S. Dollar index (DXY) has returned with avengeance to provide no relief to risk assets.

DXY was trading near 105 at the time of writing. However, it continued to rise from intraday lows 103.5.

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

Crypto Ed, a popular trader, still expects the week’s highs not to be challenged and that DXY will head lower again. He explained that this should give BTC/USD another chance at $23,000.

That was close, now expecting another leg lower for $DXY which should be fueling #BTC to 23k
— Ed_NL (@Crypto_Ed_NL) June 17, 2022com. You should do your research before making any investment or trading decision.