For David Lifchitz, Managing Partner and Chief Investment Officer at ExoAlpha, analyzing BTC from a purely technical point of view, he pointed out that the “giant head and shoulders pattern for Bitcoin is now complete with the breakout of the $ support 38.300.”
From a theoretical perspective, Lifchitz noted that this pattern predicts a possible dip of up to $20.000, but stated that the “fall is usually smaller than that” and suggested that Bitcoin’s price could approach the $31.000 region. to 30.000.
From a fundamental point of view, Lifchitz noted several factors that are creating headwinds for BTC, including the tightening of the US Federal Reserve, talks by EU regulators seeking to ban proof-of-work mining, profit taking from the end of 2021 and the continuing uncertainty about the economic future as it relates to the Covid pandemic.
Lifchitz said,
“So for Bitcoin, a move to $30.000 could definitely be in the cards just before real buyers show up.”
