Bitcoin whale support lines up as trader says $14K 'most bearish' BTC price target
Bitcoin (BTC) survived another night without breaking $20,000 on June 17 as $14,000 cemented itself as a likely bottom level.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping to $20,220 on Bitstamp overnight before rebounding up to $1,200 higher.
The pair remained skittish but within a narrow range as market participants waited to see how long $20,000 would hold.
The picture was complicated by increasing concerns over investment fund Three Arrows Capital and others, as rumors claimed the former was seeking a bailout after it failed to meet margin call obligations.
As Cointelegraph reported, contagion expressed itself across institutional investment products including the Grayscale Bitcoin Trust (GBTC).
Analyzing the "worst-case scenario," meanwhile, popular analyst Venturefounder began to put more faith in $14,000 — an 80% drawdown from current $69,000 all-time highs.
"Worst case scenario, imo, $20k BTC is the new $30K," one of two tweets on the topic stated.
A second post concluded:
Between current spot price and that target lay areas where whales had purchased significant amounts of BTC in the period immediately after the March 2020 COVID-19 market crash.
As on-chain monitoring resource Whalemap noted, these potential "bubbles" of support lay at $19,000, $16,000 and $14,000, respectively.
3 bubbles 3 supports pic.twitter.com/Gd94C3nq9n
As Cointelegraph reported, other BTC price bottom predictions run as low as $11,000.
On macro, modest gains for United States equities at the Wall Street open took a back seat to an unwelcome rebound in U.S. dollar strength.
Related: These 3 metrics suggest the Bitcoin price crash is not over
The U.S. dollar index (DXY), having come off its latest two-decade highs,
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