Bitcoin drop to $30,000 is almost certain, according to Bloomberg analysts

As most analysts and traders pay more attention to the current bearish patterns in the crypto market, the main practical concern is where this massive correction will stop.

According to Bloomberg analysts, the most likely price level under current market conditions is $30,000.
Bitcoin (BTC)

According to Bloomberg analysts, the most likely price level under current market conditions is $30,000. The failure of the Bitcoin price to stay above the prior support level in the $37,000-$38,000 region justifies these assumptions.

"In the world's latest tempest — US/Russia/Ukraine — Bitcoin, the asset touted to be the answer to every question, has quietly declined and is notably underperforming its arch-enemy, gold," writes John Roque of 22V Research in a note to Bloomberg.

As traders increasingly favor gold, Roque expects Bitcoin will go below $30,000, a level it hasn't touched since July, potentially driving the precious metal to an all-time high.

As a result, even if there is some short-term correction or stabilization, bearish tendencies should continue to prevail in the coming days.

The price level of $27,000-$30,000 may be seen as the primary support in terms of the prime cryptocurrency's dynamics during the last two years, according to a historical analysis of Bitcoin's price dynamics.

As a result, most market analysts believe that a further price drop to $30,000 is almost unavoidable.

However, price fluctuations after the break of the main support level could follow one of two scenarios: either the establishment of a new bullish cycle from the $30,000 level or an uncontrolled price decline.

Many crypto investors are currently hesitant to build long positions due to the possibility of the second scenario.

"Bitcoin's inability to retain $40,000 amid heightened Ukraine tensions implies $30,000 is back in play," says Nexo co-founder Antoni Trenchev.

Adding to this, he noted that for the time being, geopolitics has supplanted inflation as the fundamental driver of traditional and crypto markets.