24 January 2021
The Bitcoin price is currently trading below $ 34,000. An analyst from Funstrat Global highlighted the bitcoin current price movement. Analyst David Grider considers bitcoin price drop as a temporary and healthy correction before price resumes to main market trends.
Expert in the field had already predicted an incoming wave of correction when the bitcoin price went to $40,000. On 11th January, bitcoin drop by 20 percent, and the reasons behind this could be negative news in the weeks.
Recently, UK FCA has warned investors against an increasing number of crypto-related investment risks and scams. Also, news came that there was a surge in the liquidation of the digital assets within 24 hours. Another reason could be HSBC’s refusal to service crypto-focused entities.
Fundstrat’s lead digital strategist thinks such as pullbacks are healthy and that the rally will continue onward. Many bullish traders believe in bitcoin potential to increase.
Glassnode analyst, that Bitcoin has reached a crucially bullish threshold. Another analyst, Morgan Creek Digital’s Anthony Pompliano predicted that Bitcoin will breach the $1M price level. Looking at the current cryptocurrency’s restricted supply and favorable market demand, Raoul Pal estimated that Bitcoin would soar to $1 million in roughly five years.