The crypto space is extremely volatile, with large price swings occurring from time to time. Bitcoin, for example, was speculated to hit $50,000 at a minimum, while breaking above the $45,000 level. Sadly, it remained only for a short while, where the bear became proactive and dragged the price below $40,000. Although a turnaround is highly anticipated, some believe it is far from the initial crypto as more drops are yet to come.
BTC price is consolidating within the range boundary since early 2022, hovering between $44,300 and $34,800. Buyers drive the price up to a certain point, which sellers extract over 90% of very quickly. Therefore, it forces the price to trade around its initial levels once again. Even though a turnaround is needed that can escort the price above $44,000, Bitcoin may not be completely reliable yet.
Also Read: What Could Bitcoin’s Next Move Be: $40,000 or $34,000?
One of the analysts and CEO of Evai.io, Matthew Dixon, says that Bitcoin is not a good purchase option at present. Mr. Dixon predicts a notable rally is fast approaching as price is currently testing the 3 FIB levels where a bounce is expected. With the bounce, the price can recover and bounce back to the 1.6 FIB levels at $41,221. Recovery may take longer than correction. Furthermore, the analyst further predicts a sharp drop that may reach the lowest level near $31,500.
BTC price is expected to hit $30,000 levels by many and so the current rallies can trap the bulls here. And therefore, it is always better to look deep and move forward, as the price of Bitcoin (BTC) today is extremely volatile and can go into wide swings when needed.
This post ‘Don’t Buy Bitcoin’: Analyst Says, Is BTC Price Poised to Drop Below $30,000?
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