The post ‘Do Not Buy Bitcoin’- Says This Analyst, Is BTC Price Primed To Slash Below $30,000? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
The crypto space is extremely volatile as huge price variations do occur every now and then. Bitcoin for an instance was speculated to hit $50,000 at the earliest while it cleared the $45,000 level. Woefully it remained for only a short while, where the bear became proactive and dragged the price below $40,000. Despite a flip is much expected yet some believe to be away from the start crypto as more plunges are yet to come.
BTC price is consolidating within the range-bound since the beginning of 2022, swinging in between $44,300 and $34,800. The buyers uplift the price to some extent which is extracted more than 90% by the sellers very quickly. Hence compelling the price to trade around their initial levels yet again. Despite a flip is needed that may escort the price above $44,000, Bitcoin may still not be completely reliant.
Also Read: What Might Be Bitcoin’s Next Move: $40,000 or $34,000?
One of the analysts and the CEO of Evai.io, Matthew Dixon, says that Bitcoin is not a good buy option at present. Mr Dixon predicts a notable surge fast approaching as the price is currently testing the 3 FIB levels where-in a bounce is expected. With the bounce, the price may recover and rebound to the 1.6 FIB levels at $41,221. The recovery may take more time than it took for the correction. Moreover, the analyst further predicts a steep plunge that may hit the lower close to $31,500 levels.
The BTC price is much expected to hit $30,000 levels by many and hence the current upswings may be to trap the bulls here. And therefore, it is always better to look deeply and move forward as Bitcoin(BTC) price at present is extremely volatile and may take steep deviations whenever required.