An analyst points to a key level for the Bitcoin
The Bitcoin and the crypto market generally recorded one of their weakest weeks, with much of them reporting a two-digit loss rate. The decline in Bitcoin was 16% after we witnessed a series of negative news.
Originally from South Korea, they announced they are planning to pass a law that will ban the crypto trade in the country.
Separately, investor Warren Buffett said in an interview with CNBC that crypto would have a bad ending. When and how this will happen, I do not know, he says, adding that he will never have a position in any digital currency.
BK Asset Management's managing director for foreign markets, Boris Schlossberg, said the fall in last week's Bitcoin could scare investors, but it may also be a sign of coming days to reach levels that are appropriate for a purchase.
According to him, the key level we need to keep track of over the next few days and weeks is $ 10,000 for a Bitcoin.
He specifies that the Bitcoin last traded at levels above $ 15,000 on Tuesday (January 7th), while $ 10,000 levels have not been seen since November.
This is a psychologically important Bitcoin level, which today is traded at just under $ 14,000 ($ 13,950). If the price reaches $ 10,000, the key question then will be whether investors will buy these prices or we will see new declines to much lower levels, "said Schlossberg.
image source - Instagram