Besides the bearish news about tightening regulation by governments and banks, the situation for bitcoin is getting worse with the introduction of crypto trading on several large traditional exchanges, because it became easier for institutional investors to take short positions on bitcoin, the analyst says.
That’s why it is impossible to forecast the bitcoin price, as it could fall below the new lows, and also jump above $10,000 again, she added.
Eldiyar Muratov, president of Singapore Castle Family Office, predicts that the bitcoin price could collapse to the level of $4,300, if the current negative trend continues. He also says bitcoin can’t be compared to gold yet, something that has been said by others.
Olga Prokhorova, expert at the International Financial Center, notes that the biggest drop in cryptocurrencies is not connected to the latest Wall Street meltdown.
Bitcoin is now facing consolidation near the $6,000 mark. If the digital coin stays up near this point, it could rebound to $9,300; however, if the price goes down, it could fall to the $3,000 level, Prokhorova said.