Prominent investors started selling BTC calling its rise “unsustainable” because its advance came to an end when BTC hit $30K earlier today. However, BTC managed to recover at $34K as we can see in today’s BTC news.
The macro parabola could still be valid but it will require a strong trend reversal in the near-term. The entire market is reeling lower in tandem with BTC and the investors believe that the ongoing drop could even extend further. This comes as one of the prominent investors from Guggenheim Partners noted that he will be taking the profits off the table. Other prominent investors that watched BTC crash could be doing the same. BTC and the entire crypto market was caught in immense turbulence over the past few days as the bulls were unable to gain more ground against the bears. Most other altcoins crashed as well including Ethereum.
Where will the market trend in the mid-term will mostly depend on whether or not BTC is able to find strong support near the $30,000 price range. Breaking below this level could be quite dire and could spark a massive selloff. One prominent investor at Guggenheim who predicted a $400,000 price on BTC, is now taking the profits off the table saying that the short-term rally grew incredibly over-extended. BTC cratered from its $43,000 highs and the cryptocurrency is now on the edge of facing more losses. At the time of writing, the number one cryptocurrency is trading down at 20% with a current price of $31,000. This marks a notable drop from the highs of $40,000.
The $30,000 level will be a strong support level for the cryptocurrency and will make it imperative that the bulls protect against stronger dips below this level. Scott Minerd from Guggenheim Partners is known for his recent statement regarding BTC and its ability to hit $400,000. It doesn’t seem that he believes this is a near-term possibility as he noted that he is taking money off the table with BTC becoming unsustainable:
“Bitcoin’s parabolic rise is unsustainable in the near term. Vulnerable to a setback. The target technical upside of $35,000 has been exceeded. Time to take some money off the table.”
The upcoming few days will give us some more info on Bitcoin’s outlook as its ultimate response to $30,000 will determine where it will trend in the days and weeks ahead.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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