VanEck’s Gabor Gurbacs believes that Bitcoin (BTC) falling below $30,200 could lead to a drop to $20,000. The leading crypto expert of the VanEck fund believes that $30,200 is a critical point for Bitcoin’s further price action. Detail cryptocoin.com‘in.
20 thousand people have been talked about for Bitcoin
Gabor Gurbacs, VanEck’s Head of Digital Assets, was on Twitter to comment on the current Bitcoin price drop and MicroStrategy’s bet on flagship crypto. Gurbacs is issuing a bearish warning to BTC holders, but it all depends on which direction Bitcoin moves from the current position. The manager expresses the view that “there may be a serious relaxation towards $20,000”. Gurbacs tweeted an opinion that aligns with that of Bitcoin-hating gold-hungry Peter Schiff, published Friday: If Bitcoin drops below $30,000, a crash is likely.
Gabor Gurbacs expects BTC to drop to $20,000 if it breaks below $32,000; and he believes the latter is an important level for BTC. Also, this is the average price of a total of 124,000 Bitcoins currently held by MicroStrategy. So far, MSTR has dropped more than 31 percent year-over-year, so the company has lost its gains in BTC last year. Overall, Gurbacs adds that the way BTC behaves this weekend could determine what happens to the markets on Monday.
MicroStrategy’s 124,000 Bitcoin stash is probably valued around $30,200 per coin on average. I think that’s one important floor. If we dip below $30,200, there could be some serious unwinding toward $20,000. Bitcoin this weekend may drive what happens to markets on Monday.
— Gabor Gurbacs (@gaborgurbacs) January 22, 2022
Gurbacs also tweeted that there is plenty of liquid capital in the market that financial institutions want to invest in. Many did not enter BTC when it was trading at $10,000 and then missed its all-time high rally to $68,000. As such, the crypto director at VanEck assumes they can jump on the Bitcoin train when the price drops. This is because central banks print a lot of money, inflation is high, and many investors do not trust bonds under current market conditions.
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