Bitcoin Price Prediction
Boris Schlossberg, managing director of foreign exchange strategy at BK Asset Management, told CNBC’s “Trading Nation” that bitcoin’s drop over the last week (a loss of a little over 16 percent, according to Coindelite’s Price Chart) may spook investors or appear as a dip to buy. But at this position, $10,000 per coin is the level to watch.
Here are Schlossberg’s reasons:
1. Bitcoin hasn’t soared above $15,000 since Tuesday, and this looks like the loss of energy and may lead to a decline in sentiment.
2. The $10,000 level, where bitcoin has not even traded since November, will be a psychologically important level for the cryptocurrency, which was trading a little over $13,700 per coin on Friday afternoon.
3. If bitcoin were to breach that level once again, the critical question would become whether investors would step in to buy the solution or it would lead to further liquidation.
In the beginning of this week, Warren Buffett, Berkshire Hathaway chairman, and CEO said:
“Cryptocurrencies would likely come to a bad ending.”
Bitcoin’s price fluctuated wildly this week, too, since South Korea was said to consider a ban on cryptocurrency trading.