A sell-off will occur when the Bitcoin price breaks $30,000, Bloomberg News reported on the 8th (local time).
Bloomberg, citing experts, predicted that if Bitcoin fell below $30,000, it would plunge to $20,000 because many Bitcoin investors were short (sell) at $30,000.
“There is a lot for sale at $30,000,” said Michael Ferbers, CEO of cryptocurrency company Tollbackken.
Ippek Ozkadeskaya, an analyst at Swissquart, a wealth management company, also predicted that “when Bitcoin goes down to $30,000, there are many options that turn into short positions, so a sell-off will occur in the market.
“If Bitcoin breaks below $30,000, it will go straight down to $20,000,” he added.
Bitcoin, meanwhile, plummeted more than 10% the previous day, but is still up 12% this year. As of 7 am (Korean time) on the 9th, Bitcoin was recorded at $33,628, down 1.55% from 24 hours ago on CoinMarketCap, a global market relay site.
