Bitcoin (BTCUSD) price, which set a new record of nearly $65,000 in April, is confounding investors. 

The cryptocurrency tumbled below $30,000 – a price point it blitzed through at the start of this year – on Monday night, leading analysts to predict the start of a bear cycle. Its price decline, as measured over a 24-hour period, was not much in percentage terms. But the $30,000 figure itself is considered a key price support level by institutional investors. That barrier could determine the cryptocurrency’s price trajectory in the short term, they say.

Key Takeaways

  • Bitcoin price fell below $30,000 on Monday but bounced back this morning.
  • The drop below $30,000 had some investors questioning whether the cryptocurrency will enter a prolonged bear cycle, as in the past.
  • Multiple reasons have been put forward to explain Bitcoin’s price decline.
  • Estimates for future Bitcoin prices range from a low of $10,000 to a high of $50,000 by the end of this year.

Bitcoin price’s stay below $30,000 was short lived, however. At 1:06 PM UTC this morning, the cryptocurrency had bounced back to $31,547.88, a jump of 6.23% from its price 24 hours ago. After sliding