The price of bitcoin continued to decline overnight and on Monday morning, dropping to local lows of about $ 32,500. The fall over the past 24 hours is 20%. Against this background, the volume of liquidations in the market as a whole reached $ 2.7 billion per day.
“The parabolic rise in bitcoin is not sustainable in the short term. Vulnerable to pullback, says Scott Minerd, investment director at $ 230 billion Guggenheim Partners. – The technical target for the rise at $ 35,000 has been exceeded. Time to bring something out. ”
Bitcoin’s parabolic rise is unsustainable in the near term. Vulnerable to a setback. The target technical upside of $35,000 has been exceeded. Time to take some money off the table.
— Scott Minerd (@ScottMinerd) January 11, 2021
In mid-December, Minerd announced that his company began investing in bitcoin at a rate of about $ 10,000.
“Our fundamental work shows that Bitcoin should be worth around $ 400,000,” he said, adding that buying cryptocurrencies above $ 20,000 seemed “a little more problematic” to him.
“It looks like he wants everyone to sell, and his company can buy on the decline,” says analyst Alex Kruger.
“I doubt that the investment director of Guggenheim did not withdraw something before he publicly told you to withdraw,” adds the trader.
According to the observations of market participants, on the Coinbase exchange, someone performed a panic sell for 180 BTC, dropping the price by $ 1,200 per second.
“A mistake or the worst deal recently seen. The time to panic was 15 percent ago, ”the analyst notes.
Altcoins are falling down along with bitcoin. Thus, the leaders of the previous day Bitcoin SV and Maker fell by more than 30%, EOS fell 28% against the background of Dan Larimer’s departure, and Ethereum is moving to $ 1,000 with a 20% loss.

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