"Just think positively, maybe BTC has to go down first to go up again."
After successfully penetrating up to the price level of $25,200, the mother of all cryptocurrencies Bitcoin (BTC) last Friday fell back to $23,500 following the reaction of the United States Federal Reserve (Fed)'s hawkish tone.
Even so, BTC's price yesterday which reached the $25,100 zone again has led some crypto experts to predict that the digital asset may see new lows or a flat move in the near term.
This is because the price of BTC has so far seen a decrease of around 2.21% at the level of $24,173 in the last 24 hours with a market capital of $463 billion, in contrast to a gain of 13% in the past seven days.
According to crypto analyst Hamza, BTC has the potential to plunge to $20,000 or more.
While il Capo of Crypto, a well-known crypto analyst who owns a Twitter account called CryptoCapo also has a similar view, mentioning that the price of the digital asset is capable of falling back to the $12,000 zone.
One of the reasons why the price of BTC is plunging is as a result of the exchange reserve* of the digital asset increasing which shows that there is higher selling pressure.
*Collective measure of potential digital assets available for sale on the market
As a result, most investors will act to sell their respective BTC holdings to earn some profit.
