Home Business According to a well-known crypto analyst, Bitcoin will fall to $30,000

According to a well-known crypto analyst, Bitcoin will fall to $30,000

Bitcoin zal dalen naar $30.000 volgens bekende crypto analist

In 2023, belief has fully returned that we may be heading into the next crypto bull market. With this upcoming bull market in mind, a lot has been said and written about possible Bitcoin (BTC) price targets for the upcoming bull market. These price targets obviously vary widely. One of the crypto analysts we have reported on multiple times is CryptoCon. Here’s what he shares in his latest analysis.

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Time for a BTC correction

Overall, CryptoCon, like pretty much everyone else, is very optimistic about 2024. But before we find out what this brand new year has in store for the crypto market, we have a very important week ahead of us.

Already in this first week of the year we were able to gain clarity about the upcoming Bitcoin spot ETF. Reuters reported last week that the US Securities and Exchange Commission (SEC) could make the decision on Tuesday or Wednesday and give the green light to various issuers of a Bitcoin ETF.

This scenario would be huge and undoubtedly a game changer for the crypto market regardless of whether the price goes up or down. However, CryptoCon is not fooled by all the ETF hype. The crypto analyst is known for his analytical approach to the crypto market. In his own words, he is guided by data rather than speculation. What does the data say?

“I have been very optimistic throughout 2023, but the data shows that it is time to cool off as we enter the new year. It’s a battle between reliable long-term data and those who believe things will be different this time.”

Bitcoin ETF a “Sell the News” event?

According to CryptoCon via This happened in 2012, 2016 and 2019. We saw a correction of 49 percent, 39 percent and 52 percent in these years, respectively. The sharp drop in 2019 coincided with the massive “coronavirus slump” that rocked financial markets worldwide.

CryptoCon expects a BTC correction of around 30 percent. This drop will bring the price back to around $30,000. He is not alone in this prediction. Much of the crypto community seems to be expecting a “Sell the News” event. CryptoCon also points out that ETF approval is anything but a certainty. We’ll get a lot of answers this week.

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