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Bitcoin Going Under $30,200 May Provoke Further Drop to $20,000: VanEck’s Gabor Gurbacs

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Sat, 01/22/2022 - 13:03
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Yuri Molchan
Leading crypto expert of VanEck fund believes that $30,200 is a critical point for further Bitcoin’s price action
Bitcoin Going Under $30,200 May Provoke Further Drop to $20,000: VanEck’s Gabor Gurbacs
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Head of Digital Assets at VanEck, Gabor Gurbacs, has taken to Twitter to comment on the current Bitcoin price decline, as well as MicroStrategy’s bet on the flagship crypto. 

He has a bearish warning to BTC holders but everything depends on which way Bitcoin will move from the current position.

“There could be some serious unwinding toward $20,000”

Gurbacs has tweeted a view that resonates with the opinion of Bitcoin hater Peter Schiff that the gold bug published on Friday – if Bitcoin falls below $30,000, a flash crash is likely.

Related
Bitcoin Slumps to $35,600; Peter Schiff Expects Flash Crash Once BTC Breaks Below $30,000

Gabor Gurbacs expects a likelihood of BTC going down to the $20,000 mark should it breach below $30,200 – the latter, he believes, is an important level for BTC. Besides, this is an average price of a total of 124,000 Bitcoins held by MicroStrategy now.

So far, MSTR is down more than 31 percent year-to-date, thus the company has lost the gains obtained on BTC last year.

Overall, Gurbacs adds, the way BTC behaves this weekend may determine what will happen to markets on Monday.

Gurbacs also tweeted that there is plenty of liquid capital in the market now that financial institutions are looking to invest. Many of them did not enter BTC when it traded at $10,000 and then missed its rally to the $68,000 all-time high. So, the director of crypto at VanEck assumes that they might jump in on the Bitcoin train when the price is down. The reasons for that are central banks printing lots of cash, the inflation going high and lack of trust to bonds from many investors in the current market conditions.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.