Invesco Strategist Paul Jackson Has Warned That Bitcoin Price Could Drop Below $30,000

As reported by Business Insider, the Bitcoin price is likely to lose more this year, as Invesco strategist Paul Jackson said.

Paul Jackson, Invesco’s strategist

Bitcoin price prediction to fall below $30,000 by Investco

Invesco strategist Paul Jackson has warned that Bitcoin price could drop below $30,000. He sees a 30% chance for such a bearish scenario to materialize.

“The mass marketing of bitcoin reminds us of stockbroker operations in the period before the crash of 1929,” the overwhelming excitement in the cryptocurrency market caused Jackson recalls the peak of the Great Recession.

BTC/USD 4-hour chart | Source: TradingView

At press time, BTC is trading slightly above $42,000 on key spot exchanges. The largest cryptocurrency recently formed a “cross”. The dreaded chart pattern, which is believed to herald a significant correction, often tends to be a lagging trader, with some traders seeing it as a buying opportunity.

The hawkish trend that makes up the US Federal Reserve is one of the main trends in Bitcoin at the moment. The central bank is expected to raise interest rates three times this year, putting pressure on riskier assets like stocks and cryptocurrencies.

While there are several bearish stories, there is no shortage of bullish predictions. Fundstrat’s Tom Lee, for example, believes that Bitcoin could topple $200,000 this year. According to Max Keizer, this could push Bitcoin to as high as $220,000 this year. The cryptocurrency’s hash rate continues to hit record highs, signaling that miners continue to invest more in the network.

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