“Bitcoin can easily drop to $ 30,000.” What will happen to cryptocurrency :: RBC.Crypto
Experts explained where the “bottom” of the current correction of the main digital asset can be and under what conditions it will reach it
Trader Peter Brandt claims that the “bottom” of the current correction of bitcoin is at $ 30 thousand. The analyst explained that reaching the bottom level of the correction of the first cryptocurrency is accompanied by abnormally high trading volumes due to panic sales of the asset.
During the last bitcoin crash to $ 42 thousand, which occurred on December 4, such trading volumes were not observed, Brandt noted. In his opinion, this indicates a continued decline in the asset. Experts from RBC-Crypto assessed Brandt’s forecast and explained what will happen to the price of bitcoin in the near future.
Waiting for a reversal
Large reversals in the market are most often accompanied by increased trading volumes, said Anton Kravchenko, CEO of Xena Financial Systems. According to him, this is due to the fact that at such moments most of the market is unloaded (sells bitcoin), and a smaller part of investors is loaded (buys an asset at the lowest price).
“Bitcoin is easily capable of dropping to $ 30 thousand and even slightly lower,” the expert says.
If the bitcoin rate drops to $ 30 thousand, then with a high probability a reversal will occur at this level, Kravchenko said. In his opinion, the asset will not be able to trade for a long period below $ 30 thousand, since they will immediately begin to buy it back.
In the summer of this year, the price of bitcoin dropped to $ 28 thousand. This happened after a complete ban on mining was introduced in China, and the hash rate of the first cryptocurrency fell by more than 50%.
Support at $ 42K
At the moment, the “bottom” of the current correction is the level of $ 42 thousand, says Mikhail Karkhalev, financial analyst at Currency.com cryptoexchange. He explained that this level acted as resistance in the summer when bitcoin dropped to $ 28K.
“A decline to the $ 42 thousand area is the most likely scenario now, but upon reaching this level, in my opinion, the most likely will be a rebound with further recovery,” added Karkhalev.
The analyst also noted that the probability of a decrease in bitcoin to $ 30 thousand exists, but this can only happen in the event of negative events that cannot be foreseen at the moment.
– Miners in China continue to mine bitcoins illegally
– The bitcoin rate dropped below $ 46 thousand.
– “The mood is not the most positive.” When Bitcoin will return to growth
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