Analysts Divided on Bitcoin’s Price Prospects as $30K Beckons

Analysts Divided on Bitcoin’s Price Prospects as $30K Beckons

As bitcoin nears support at $30,000, analysts are divided on what happens next. Some see that level holding and a return toward $40,000. Others point to weak demand, and say further declines are likely.

“We believe that there is not much downside in the short term as we trade near the bottom end of the $30,000-$42,000 trading range,” Delta Exchange CEO Pankaj Balani said. “In the short term, the macro environment does not look weak, with broader markets continuing to rally and U.S. tech stocks posting all-time weekly highs.”

The S&P 500, Wall Street's benchmark equity index, rose 1.4% on Monday, signaling a reevaluation of risk in financial markets following last week's drubbing. Asian shares traded higher early today as Fed Chairman Jerome Powell's comments quelled taper fears.