Several strategists that include Oanda Corp. project further weaknesses of bitcoin, with $20,000 as the price target, according to Bloomberg.

watching for downside
  • Bitcoin traded at about $34,200 as at 10:16 a.m. in London, taking total declines to as much as 7% this week.
  • With the growing regulatory fears, Oanda Corp. senior market analyst Edward Moya sees bitcoin “dangerously approaching the $30,000 level” 
  • Bitcoin was recently dented by seizure of ransom paid to Colonial Pipeline hackers, eroding faith that the digital asset is beyond state control.
  • Some strategists including MicroStrategy Inc. remain optimistic of a bullish bitcoin and boosted the sale of a junk bond to $500 million to invest in the digital token.
  • El Salvador’s President Nayib Bukele also boosted bitcoin saying the country has adopted it as a legal tender.

Bitcoin recently more than halved from its April record amid crackdown from China and Elon Musk’s quotes. BTCUSD is currently up 2.19%