Bitcoin fell below $30,000, pushing the week’s losses briefly over 17% amid continued profit-taking.
Based on previous reports, the recent drop in bitcoin (BTC, -15.89%) price was most likely due to widespread profit-taking by US and European investors, according to trading activity on leading cryptocurrency exchange Coinbase.
Bitcoin fell to $29,112 on Coinbase as of 0:30 UTC on Thursday, a level it hit on January 4 when the leading cryptocurrency started strengthening to an all-time high just below $42,000 on January 8. At press time, the bitcoin price is $30,025, down about 15% over the last 24 hours.
Guggenheim CIO Scott Minerd, who says bitcoin should be worth $400,000, said yesterday that he thinks bitcoin may have hit a temporary peak, saying a drop back to $20,000 is possible.
Continued selling has pushed bitcoin’s profit this year to below 1%.
Bulls may be able to cut losses, according to Bloomberg analyst Mike McGlone who told the media, “Bitcoin looked similar to the May-June 2017 $3000-$2000 price range before breaking higher.”