On January 21, the Bitcoin price fell under $30,000 for the first time since January 4. This increased wave of selling pressure on the cryptocurrency market.
Related: US Treasury Ex-Secretary predicts BTC price will increase
At the moment, the cryptocurrency trading rate is nearly $31.460. The global crypto market cap saw over a 4.71% decline in the last day. Currently, it stands at around $904 B.Some analysts believe that institutional investors considered Bitcoin as a crowded trade, which would allow making profits.
Earlier strategists of JPMorgan, John Normand, and Federico Manicardi urged that investors using BTC as a part of their portfolios are putting themselves at risk. They said that the price of the cryptocurrency greatly depends on the overall economic performance.Scott Minerd, the chief investment officer of financial company Guggenheim, said it's possible Bitcoin retrace the 20,000 level. In December 2020, he said in the long term Bitcoin could hit $400000.