Bitcoin (BTC) price declined to $ 29,367, retesting the $ 30,000 support in the past 24 hours. A leading name in the industry still looks positively on the medium-term performance of the BTC price.
Raoul Pal, former director of Goldman Sachs, CEO of Real Vision, In his post dated January 25 He claimed that the bitcoin price could see $ 50,000 by March.
“It sounds like Bitcoin is preparing to climb the FUD (fear, uncertainty, anxiety) wall. Positive seasonality and a good wedge formation increase the chances of crypto reaching $ 50,000 by March. Let’s wait and see …”
Bitcoin price corrected after seeing $ 42k on January 8, and has remained in a narrowing range in the $ 30-40k band since then. Some indicators point to recovery in the market, which is dominated by a great uncertainty, while others indicate that the consolidation will continue for a while.
The rate of return on output (SOPR) data that tracks Bitcoin’s ratio of profitable among cryptocurrencies in motion, in other words, whether it is selling at a profit or loss for investors, indicates that consolidation in the BTC price will soon end. The fact that call options are predominant on the maturity date on Friday in the option market also sends upward signals to investors.
On the other hand, some investors interpret the sell-buy ratio in the options market as a signal of decline. Analysts expect the upcoming Chinese New Year to also increase the selling pressure on the bitcoin price.
Guggenheim CIO Scott Minerd said there was not enough institutional demand to keep the BTC price above $ 30k.
On the other hand, the famous analyst PlanB’s stock-flow price model predicts that the Bitcoin price will see $ 85,000 by May.
Finding support at $ 30,000, BTC gained close to 8 percent in the last 24 hours. The largest crypto currency is traded at around $ 32,000 as of the time of the news broadcast.