Analysts: The fall in the price of bitcoin is still ahead

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The fall in the bitcoin rate below $ 31 thousand is not strong enough to buy, Jim Kramer, host of the CNBC show Mad Money, told TheStreet. He said that he would be ready to invest in the first cryptocurrency only after its rate dropped below $ 20 thousand. RBC Crypto writes about this.

“If the price drops below $ 20,000, I buy again. But I have already earned my own by selling cryptocurrency, in addition, this is a game with a house of cards. It is no different from a volatile stock, ”said Kramer.

Another price level for buying was named by the analyst of the NewsBTC portal Ayash Jindal. According to him, at the moment, Bitcoin is trading under the resistance level of $ 36 thousand.If it withstands, it is likely that the price of the coin will decrease to $ 32.5 thousand.

Support has formed at this mark, the expert explained. He warned that a fall in the BTC rate below this level could lead to its further decline to $ 30 thousand, from which a rebound is likely. Jindal added that there is a chance that bitcoin will skyrocket to $ 40K if the $ 36K resistance is passed.

Amsterdam Stock Exchange analyst Michael van de Poppe, in a column on Cointelegraph, suggested that the final drop in the Bitcoin price is still ahead. He believes that the rise in prices that occurred after falling to $ 30 thousand may continue to a maximum of $ 37 thousand. After that, a resumption of the downtrend is likely, within which BTC may fall in price to $ 25-26 thousand, the expert predicted.

From his point of view, the main reason for the recent drop in the bitcoin rate was the strengthening of the dollar. There is a close relationship between these assets, which Poppé talked about earlier. When the dollar strengthens, BTC depreciates, and vice versa.

The DXY index, which shows the dollar’s value against a basket of 6 leading world currencies, began to rise on January 6. Since then, it has risen from 89.2 points to 90.3 points, according to tradingview.com data. According to Poppe, this was the reason for the decline in BTC quotes.

On January 11, Guggenheim Partners’ investment director Scott Meinerd announced that it was time to sell Bitcoin. In the short term, the parabolic growth of the first cryptocurrency will not be sustainable, there is a risk of a price drop, Minerd is sure.

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