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Analysts believe bitcoin will face further price decline

On January 8, Bitcoin set a new price maximum – $ 42 thousand.Soon after that, there was a correction – the coin rate fell below $ 31 thousand.Then bitcoin managed to almost completely win back the fall – its rate rose to $ 40 thousand.However, in the last day, the coin became cheaper again – according to coinmarketcap .com, the bitcoin rate fell by 8%, to $ 34.2 thousand, writes RBC Crypto.

Bitcoin is now in a phase of correction, said the head of the analytical department at AMarkets Artem Deev. He believes that the rapid rise in the price of bitcoin above $ 40 thousand was based on the announcement of a number of large investment funds that they intend to invest hundreds of millions of dollars in BTC. Now, a sharp drop in the rate of an asset is possible if its holders decide to take profits. This, the expert says, “may be followed by a panic wave of sales from private investors, and bitcoin may drop several times – probably then it will go below $ 20 thousand.” This will be a good moment to buy the asset, he notes. financial analyst Mikhail Karkhalev agreed that the correction may continue. On the chart of the coin, a technical analysis figure “triangle” has formed. It appears when price highs decrease, but at the same time its lows grow, the expert explained. According to him, in such cases there is always a “impulse shot” of the course, but in which direction it is never known.

The nearest and strongest support zones for the course are in the region of $ 28 thousand and $ 24 thousand, says Karkhalev. Below these marks, bitcoin is unlikely to fall, since large investors will immediately buy out the asset that has fallen in price, he said. The analyst clarified that there is a low probability that the price of BTC will drop to $ 20,000, and if this happens, it will be “just a great opportunity” to buy.

EXANTE analyst Viktor Argonov added that the market has been correcting for more than a week, but the price rollbacks after approaching the $ 40,000 level are becoming less significant. This means that buyers are ready to enter the market at ever higher levels, the expert explained.

He noted that some of the institutional investors may expect a deep dip in the price of bitcoin and other assets for new purchases. They may have leverage over the market through which to provoke a strong decline. However, if a deep correction occurs, it will be quickly redeemed, Argonov suggested. He admitted that this may be the last chance to buy BTC at low levels in the coming months.

There is also a scenario in which the bitcoin rate will fall to $ 30 thousand, Argonov continued. This is possible if the market corrects after the launch of Ethereum futures on the Chicago Mercantile Exchange (CME), which is to take place on February 8. With this development of events, investors should take a closer look at the purchases of both cryptocurrencies, the expert suggested.

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