Bitcoin was trading at around $35,100 at the time of writing. Since hitting $40k again on January 14, the asset has been down-trending, and it has lost around $5k over the past couple of days. Saturday saw prices climb as high as $38k, but resistance there proved to be too strong, and the selling resumed, dropping prices to an intraday low of $34k on Sunday, January 17. The chart has shown a lower high, meaning that a larger correction could still be on the cards. Analyst ‘CryptoHamster’ has been looking at the chart patterns, adding:
Bitcoin Price Could Continue Down
According to Bloomberg, JP Morgan strategists said that Bitcoin was in a similar position in late November, except with $20,000 as the test. They added that trend-following traders could propagate the past week’s correction and; Taking a more bullish approach was Pantera Capital CEO Dan Morehead, who said that Bitcoin will rise more than 200% in the next eight months to reach $115,000 by August 2021. In a conference call last week, the investor stated;
Elsewhere on crypto markets
The total market capitalization for all digital assets remains above a trillion dollars, but only just. Since late last week, around $60 billion has exited the market, according to Coingecko, most of it being Bitcoin-related trades. Most cryptocurrencies were trading relatively flat on the day during Monday morning’s Asian session. A few were still making minor gains, though, and these include last week’s rocket ship Polkadot which is up 2% on the day to top $17 after reaching an all-time high of $18.25 on Sunday. Chainlink (LINK) and Binance Coin (BNB) are doing well today, both making 9% to reach $22.30 and $45.84, respectively. Cosmos and Cardano are also gaining as altcoins enjoy the momentum at the start of the week.
