Invesco strategist Paul Jackson has warned that the Bitcoin price could drop below $30,000

By Selena On Jan 18, 2022

According to Business Insider reports, Bitcoin price could end up seeing steeper losses this year, as the Invesco strategist Paul Jackson said.

Paul Jackson, Invesco strategist

Bitcoin price predicted to plunge below $30,000 by Invesco

Invesco strategist Paul Jackson has warned that the Bitcoin price could drop below $30,000. He sees a 30% chance for such a bearish scenario to materialize.

“The mass marketing of bitcoin reminds us of the activity of stockbrokers in the run-up to the 1929 crash”, the excessive exuberance in the cryptocurrency market reminds Jackson of the period on the cusp of the Great Depression.

BTC/USD 4-hour chart | Source: TradingView

At press time, BTC is trading slightly above $42,000 on significant spot exchanges. The largest cryptocurrency recently formed a “death cross.” The much-feared chart pattern, which is supposed to foretell a significant correction, often tends to be a lagging trader, with some traders seeing it as a buying opportunity.

The hawkish swing that makes up the US Federal Reserve is one of the key trends for Bitcoin at the moment. The central bank is expected to raise interest rates three times this year, putting pressure on riskier assets like stocks and cryptocurrencies.

Despite some bearish narratives, there is no shortage of bullish predictions. Fundstrat’s Tom Lee, for example, believes that Bitcoin could topple $200,000 this year. According to Max Keizer, this could push Bitcoin to as high as $220,000 this year. The cryptocurrency’s hash rate continues to hit record highs, signaling that miners continue to invest more in the network.

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