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Invesco Predicts Bitcoin Will Fall Below $30,000
According to Business Insider, Invesco strategist Paul Jackson predicted that Bitcoin's price might go below the $30,000 mark.
He sees a reasonable 30% likelihood of such a pessimistic scenario becoming reality.
Jackson compares the cryptocurrency market's extreme excitement to the period preceding the Great Depression:
The widespread promotion of bitcoin is reminiscent of stockbrokers' activities in the run-up to the 1929 crisis.
At press time, the largest cryptocurrency was trading just above the $42,000 mark on key spot exchanges.
The US Federal Reserve's hawkish tilt is one of the primary obstacles for Bitcoin at the moment. The central bank is likely to increase interest rates three times this year, putting downward pressure on risk assets such as stocks and cryptocurrencies.
On a more technical level, the largest cryptocurrency created a "death cross" recently. The dreaded chart pattern, which is said to portend a severe correction, is frequently a lagging trader, with some traders viewing it as a buying opportunity.
Despite some gloomy storylines, bullish price predictions abound. For example, Tom Lee of Fundstrat expects that Bitcoin might surpass $200,000 this year.
The cryptocurrency's hash rate continues to climb to new highs, indicating that miners are increasing their investment in the network. According to Max Keiser, this might push Bitcoin up to $220,000 this year.
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By Crypto PiratesAccording to Business Insider, Invesco strategist Paul Jackson predicted that Bitcoin's price might go below the $30,000 mark.
He sees a reasonable 30% likelihood of such a pessimistic scenario becoming reality.
Jackson compares the cryptocurrency market's extreme excitement to the period preceding the Great Depression:
The widespread promotion of bitcoin is reminiscent of stockbrokers' activities in the run-up to the 1929 crisis.
At press time, the largest cryptocurrency was trading just above the $42,000 mark on key spot exchanges.
The US Federal Reserve's hawkish tilt is one of the primary obstacles for Bitcoin at the moment. The central bank is likely to increase interest rates three times this year, putting downward pressure on risk assets such as stocks and cryptocurrencies.
On a more technical level, the largest cryptocurrency created a "death cross" recently. The dreaded chart pattern, which is said to portend a severe correction, is frequently a lagging trader, with some traders viewing it as a buying opportunity.
Despite some gloomy storylines, bullish price predictions abound. For example, Tom Lee of Fundstrat expects that Bitcoin might surpass $200,000 this year.
The cryptocurrency's hash rate continues to climb to new highs, indicating that miners are increasing their investment in the network. According to Max Keiser, this might push Bitcoin up to $220,000 this year.
Support us!