(Bloomberg)– Follow us @crypto for our full coverage.Another bad week for Bitcoin might be a precursor of more pain to come, according to strategists seeing the selloff in cryptocurrencies.Further weak point in its rate may bring the $20,000 zone into view as a downside target, according to Oanda Corp., Evercore ISI and Tallbacken Capital Advisors LLC. Bitcoin has actually dropped about 7% this week and was trading at about $34,200 as of 10:16 a.m. in London.The largest cryptocurrency is “precariously approaching the $30,000 level” amid growing regulative worries in the U.S., and “a break of $30,000 could see a significant quantity of momentum selling,” said Edward Moya, senior market analyst with Oanda Corp.Bitcoin has actually dropped about $30,000 from its April record, roiled by a rebuke from billionaire Elon Musk over the energy it needs as well as a restored regulatory crackdown in China. The ability of U.S. authorities to recover a prominent Bitcoin ransom likewise dented the idea that its beyond federal government control, which has actually been a short article of faith for some of the coins supporters.Evercore technical strategist Rich Ross and Tallbacken Capital Advisors Michael Purves have both flagged the $20,000 location as a possible essential level if Bitcoin breaks much lower than where it is now.Others, however, remain positive about the longer term outlook.For instance, Michael Saylors MicroStrategy Inc. enhanced a junk-bond sale to $500 million from $400 million to money the purchase of more Bitcoin.