After losing the $30,000 level, Bitcoin bulls have now regained the $30k level. But this recovery phase by Bitcoin has a mixed response which consists of bearish and bullish predictions for the currency in the days to come.
Guggenheim Partners’ global chief investment officer, Scott Minerd, told a CNBC Squawk Box co-host in Davos today that he believes Bitcoin might fall lower if price breaks significantly below the $30,000 level.
Furthermore, he noted that now there is no dominating player in crypto. But, as “most of crypto is crap,” he bets on BTC as one of the choices.
Bitcoin To Hit $8k!
Bitcoin’s ultimate bottom, according to Minerd, would be $8,000 if it falls considerably below $30,000. As a result, he continues, “we have a lot more room to the downside,” especially because the Federal Reserve is presently imposing prohibitive measures on the economy in an effort to keep inflation in check.
That is unfortunate, as Minerd pointed out, because BTC’s technical aspects are superior to those of any other cryptocurrency on the market.
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Source: https://coinpedia.org/bitcoin/wait-for-more-dip-bitcoin-btc-price-might-see-bottom-at-this-level/