Seasoned analysts are frightening as they predict below $30,000 in Bitcoin (BTC). Let’s list what Lawrence McDonald, Peter Schiff, Katie Stockton and Mike Novogratz said during the market crash. cryptocoin.com We are sharing the shares of master names.
Analysts expect 30 thousand dollars from Bitcoin (BTC)
CNBC columnist Lawrence McDonald noted that one Bitcoin is currently equivalent to 20 ounces of bullion, a significant drop from the 37-ounce peak recorded in August. McDonald believes that once the XBT/XAU ratio reaches 15 ounces, the Bitcoin price will be in the buy zone.
Euro Pacific Capital CEO Peter Schiff has taken to Twitter to comment on the drop so far that has brought Bitcoin price to the $35,600 region, the level last seen at the end of July 2021. Schiff expects Bitcoin to drop below $30,000 soon. However, he thinks that Bitcoin has fallen pretty calmly so far, but a sudden collapse is likely once it hits below $30,000.
According to technical analyst Katie Stockton of Fairlead Strategies, Bitcoin’s 8% drop below $40,000 on Thursday sets the stage for further declines in the future. Stockton doesn’t see Bitcoin’s drop below $40,000 yet as a breakout, but says he pulled Bitcoin out of the three-week consolidation phase and represents a bearish trend in short-term momentum. The technical analyst is currently watching $37,361 as an important support level and shares the following for the long term:
This level defines the long-term uptrend and is far more important than any downtrend. $40,000 was not a key level for us.
A confirmed break below Stockton’s key Bitcoin support level of around $37,361 would set the stage for the cryptocurrency to test the secondary support around $30,000, representing an additional 22% potential downside from current levels. On the other hand, according to the analyst, “many altcoins are gaining support at summer 2021 lows, making it critical for Bitcoin to hold support as it sets the tone for the crypto market.”
Mike Novogratz urges investors not to ‘buy’ on the dip
Let’s end with Bitcoin billionaire Mike Novogratz. The founder and CEO of Galaxy Digital has said that he will struggle to withdraw from the sale of cryptocurrencies if stocks continue to fall. Novogratz noted that the market is bearish on Thursday, advising people to sell at rallies and not to buy at bottoms. That said, “crypto has already sold well and is facing some buying support,” he said. Novogratz warns that as rates rise, there will be pressure on cryptocurrencies and the Nasdaq.
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