Bitcoin

Bitcoin Could Drop to $10,000, Louis Navigator


Louis Navellier was on CNBC to talk about the current Bitcoin chart movements. Talking about price action, Navlier said he believes the price could drop below $10,000. According to Louis Navellier, the pandemic is taking us back to where we were before it all started. Noting that the price was less than 10 thousand dollars a year ago.

Bitcoin has experienced massive price growth over the past year. With the asset exceeding most expectations for 2021. These price movements have motivated others to expect a higher price. But not Navier. The founder believes that price movements are a warning sign to come Bear Market.

Louis Navilier is the founder and chief investment officer of Navilier & Co..

Bitcoin Shadow Market

Navellier went on to say that there is no way to know how much leverage there is in Bitcoin. Because there is a file shadow market Which raises from 100 to 1. Navellier compared it to the famous secret Chinese banking system.

Related reading | El Salvador Offers $30 of Bitcoin to Its Citizens

The amount of leverage available has always been an elusive factor. Nobody can determine the amount of leverage that is in the market. This is because there is no way to properly measure the value that bitcoin holds.

The founder explained that not knowing the available leverage is scary.

“It’s very scary. We have to kick all these people out. – Louis Navellier, Founder and CIO at Navellier & Associates

Moreover, in this track, Navlier referred to the situation in Malta.

Malta currently Investigation To facilitate cryptocurrency transactions worth up to $70 million. It was designated by the Financial Action Task Force (FATF) due to its lax laws on cryptocurrency. Belief that the laws have led to a lot of money laundering across the country.

Malta has always been a destination for cryptocurrency enthusiasts. Its favorable regulatory frameworks make it very favorable for crypto companies.

Bitcoin holding above $30K resistance level | Source: BTCUSD on TradingView.com

Navellier believes that the outcome of the investigation will further determine where the bitcoin price will go.

The upside is still possible

Katie Stockton Fairlead Strategies He was on CNBC with Navellier. Stockton talked about forming a head and shoulders chart. I hinted at the fact that the target level had already been breached. With the short-term momentum continuing to the downside.

This may be indicative of Bear The market is coming. A break of the $30K support would put downside pressure on the market.

But according to Stockton, the long-term momentum is still on the upside. Long-term downside metrics remain positive. And even if the $30,000 support is broken, there is still a strong support at $27,000.

This is in contrast to Navellier. Who would think that the price is heading towards 10 thousand dollars. Stockton believes that there is still ample support above the $10,000 level.

Katie Stockton is the founder and managing partner of Fairlead Strategies, LLC.

Related reading | Here’s the level Bitcoin bulls should recover to set up to $49,000

The $30K support level was significant in pushing up the bitcoin price. Bitcoin broke through this level last week and quickly rose again. But it was enough to cause panic in the market. People sold their coins.

The main resistance is still rising above $30K. Traders and investors alike are determined to maintain Currency from falling under this. Make this point crucial in making or breaking a bull or Bear Market.

Regardless, a break below $30K is still far from $10,000. The price could very well come down now. But there will be another resistance at $27,000 to hold it Currency.

Featured image from Yahoo Finance, chart from TradingView.com



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