Baxia Markets
June 10, 2021

Strategists Warn; Bitcoin Will Drop

fundamental analysis top header -01


Edward Moya, a senior market analyst with Oanda Corp, warned that the largest cryptocurrency is “dangerously approaching the $30000 level” and he also mentioned that a break of $30000 could lead to a big momentum selling which could possibly bring it to the $20000 zone. With the Pipeline Ransome getting resolved, security concerns started to emerge which contributed to another round of sell-off.



Others have a more positive attitude towards the biggest cryptocurrency. In a landmark move, El Salvador has become the first country to ever accept Bitcoin as a legal form of payment. This, along with the crypto conference held in Miami, boosted some confidence that Bitcoin is not going anywhere any time soon. For instance, MicroStrategy Inc. managed by Michael Saylor, boosted a bond sale from 400 million to 500 million to fund more Bitcoin purchases. But after recent turbulence, institutional investors are most likely to stay observant for a while instead of jumping in.


We love to hear new ideas from traders and want to know what you think! 


If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.


Open Live Account  


Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. 


Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit. 

Subscribe by Email