shows that a wave of selling that began late in the day on Jan. 20 continued into midday on Friday when BTC hit a low of $36,600.Here’s a check-in with what analysts have to say about the current downturn and what may be in store for the coming weeks.The sudden price drop in BTC has many crypto traders predicting various dire outcomes along the lines of an extended bear market. Others like independent market analyst ‘Rekt Capital’, are not so quick to jump the gun and declare that all is lost.
From a fundamental point of view, Lifchitz noted multiple factors that are creating headwinds for BTC, including tightening from the U.S. Federal Reserve, chatter from the EU regulators looking to ban proof-of-work mining, profit-taking from late 2021 and the continued uncertainty about the economic future as it relates to the Covid pandemic.“Therefore for Bitcoin, a move down to the low-mid $30,000 could be definitely in the cards soon before real dip-buyers show up.
The overall cryptocurrency market cap now stands at $1.801 trillion and Bitcoin’s dominance rate is 40.4%. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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