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Expert Opinion: Bitcoin Price Has Not Bottom Yet

Expert Opinion: Bitcoin Price Has Not Bottom Yet

On Monday, January 10, the bitcoin rate again dropped below $ 41 thousand. At the time of writing, the first cryptocurrency is trading at $ 40.9 thousand, over the past day it has fallen in price by 2%. The coin is approaching a local minimum of $ 40.5 thousand, which was set two days ago, writes RBC Crypto.

Bitcoin continues to fall in price after in November last year, it set a historical maximum value at around $ 69 thousand.Since then, the decline has been almost 40%.

Galaxy Digital founder Mike Novogratz in a recent interview CNBC called what is happening in the market a healthy pullback after a rapid growth in 2021. Bitcoin will find support around $ 38-40 thousand, after which it will return to growth, Novogratz predicted. He explained that institutional investors are looking forward to buying cryptocurrency.

The current levels cannot yet be characterized as the bottom of the market, said leading analyst at 8848 Invest Viktor Pershikov. According to him, for the formation of a bottom, the following conditions must be met, which have not yet been observed: a long flat (at least two months in current circumstances) with the accumulation of long positions and an increase in open interest, a decrease in BTC sales by market participants, and clarification of the speed and extent tightening of monetary policy by world central banks.

“The current state of the crypto market is more characterized by emotional selling, including at a loss, which is typical for situations when retail participants are shaken out of the market. For large holders of BTC, the current decline does not pose a threat and is a normal market correction before further growth, “Pershikov is sure.

The fact that bitcoin has not yet found the bottom was also stated by Roman Nekrasov, co-founder of the ENCRY Foundation. In his opinion, the cryptocurrency may return to growth after its price drops to $ 30-28 thousand.At the same time, in the coming months, Nekrasov expects the price of bitcoin to fluctuate around $ 40 thousand.

“In the second half of 2022, after the completion of the asset repurchase program in the United States, the flows of liquidity to the markets will decrease. Then bitcoin may fall to $ 30 thousand, ”the expert predicted.

Bitcoin will spend most of the year in the $ 30-70 thousand price range, added Pershikov. He noted that 2022 will be more volatile than directional.

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