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Bitcoin $40,000 support line is strong vs. $10,000 drop cannot be ruled out: Coin Leaders

Bitcoin (BTC) rebounded from $39,000 to $43,000, despite concerns about early tightening by the US Federal Reserve and setbacks in mining activity due to internet access blocking in Kazakhstan, the world’s second largest mining country. recovered

Bitcoin (BTC, No. 1 in market cap) is recording $43,180 in CoinMarketCap as of January 12 (Korea time) 9:40 PM. This is a 3.20% increase from 24 hours ago. Bitcoin’s market capitalization has also recovered to $815 billion, and its share of market capitalization (dominance) is 40.0%.

On the same day, Jurrien Timmer, head of global macro division at Fidelity Investments, a large US asset management company, tweeted, “The cryptocurrency price has been adjusted due to the hawkish stance of the US Fed. Currently, Bitcoin is 4 It is oversold at the $10,000 level, and the BTC/GOLD ratio is now reasonably oversold. According to my demand model (S-curve model), Bitcoin was supported at $30,000 last year. Now it is supported at $40,000. “The price may drop further, but the $40,000 seems to be the new support level.”

An anonymous cryptocurrency analyst known as Capo also tweeted the day before, offering a potential bottom price of $40,000 for Bitcoin, arguing that Bitcoin’s current price range of $40,000 to $45,000 is one of the best buying opportunities this year. .

Also, popular cryptocurrency trader Credibe Crypto told 291,600 Twitter followers that “Bitcoin looks attractive at its current price.” According to the Daily Issues, a cryptocurrency media outlet, an anonymous analyst advises, “The downside of the current level is limited to a maximum of about $10,000, and the upside (for the next few months) is limited to more than $60,000.” did.

Based on the Elliott Wave theory, which is a theory that stock prices repeat themselves in a regular manner, he diagnosed that Bitcoin currently appears to be in the final phase of a correction before triggering a massive Wave 5 rally of over $100,000.

Earlier, Galaxy Digital CEO Mike Novogratz said in an interview with CNBC that he expects Bitcoin to hit a low between $38,000 and $40,000. He said, “As the rate of US interest rate hike is expected to accelerate, there will be a lot of volatility over the next few weeks,” he said. The reason for not being concerned, he explained, is that institutions remain optimistic about cryptocurrencies, and that more and more traditional companies are including cryptocurrencies in their financial statements.

Meanwhile, according to a customer survey conducted by JP Morgan Chase, 41% expect the price of Bitcoin to rise to $60,000 by the end of this year, and 9% expect it to rise to $80,000. 5% of customers said it was more than $100,000. If you add up the percentages that forecast more than $60,000, 55% was calculated. However, 2% predicted it would fall below $10,000.

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