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Bitcoin price remains above $ 30,000. What's next?

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Tokeneo
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3 min reading

While there have been several ups and downs within the $ 30,000 per coin line on the BTC chart in the past few hours, critics have hit the cryptocurrency hard. Famous economist Nouriel Roubini hailed Bitcoin as a "totally irrational bubble" and Peter Schiff announced that BTC had already reached its peak. The largest bank in the United States - JP Morgan, has a completely different opinion on this subject.

btc coin

The BTC price remains above $ 30,000

There was a weakening in the Bitcoin chart during yesterday's session. The cryptocurrency fell from $ 32,846.14 to $ 28,722.76 per coin. This correction did not last long, however, as other market participants took advantage of the opportunity to quickly raise the price.

bitcoin price chartBTC price chart, 7-day range. source:coinmarketcap.com

Currently, BTC is trading close to $ 30,946. The decrease in the daily range is 3.41%. Even so, investors continue to show extreme greed.

Sharp criticism towards Bitcoin

The decline in the chart of this cryptocurrency has become an opportunity to attack it for the American economist - Nouriel Roubini, also known as Dr. Doom. After the BTC price plunged over 15%, he found it to be a "totally irrational bubble". He added that soon regulatory authorities could take care of this cryptocurrency, and then there would be bloodshed on the market.

Famous gold supporter - Peter Schiff also did not remain indifferent. When an article appeared on the front page of The Financial Times that Bitcoin had surpassed the $ 30,000 mark, the CEO of Euro Pacific Capital ironically stated that this was the cryptocurrency's ultimate high.

JP Morgan has a completely different opinion

According to the largest bank in the United States, the long-term target for the BTC exchange rate does not end at $ 30,000. Strategist from JP Morgan - Nikolaos Panigirtzoglou stated that this cryptocurrency could reach the level of USD 146,000. He emphasized that this process will not happen overnight, contrary to the expectations of some die-hard supporters of the oldest cryptocurrency.

Convergence of volatility between Bitcoin and gold is unlikely and is a multi-year process. This means that the theoretical BTC target price above $ 146,000 should be taken as a long-term target ...

-he announced.

It is worth adding that the current ATH of this cryptocurrency is $ 34,608.56. Since then, the rate has fallen by more than 10% to current levels. It should also be mentioned that last year's Bitcoin profits were over 300%. The BTC price rose from USD 7,100 in January to nearly USD 29,000 at the end of December.

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