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Bitcoin: Invesco evokes a fall to $30K, points out a similarity with the crash of 1929


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Investing.com – In a report released earlier this week, manager Invesco paints a gloomy picture for the , believing that the cryptocurrency’s current downtrend could bring it back to the $30,000 threshold.

To support its thesis, Invesco points to the similarities between current cryptocurrency marketing campaigns and the activities of stockbrokers in the run-up to the Great Depression.

“The mass marketing of the reminds us of the activity of stockbrokers in the run-up to the crash of 1929,” the report reads.

“We think it’s not too much of a stretch to imagine bitcoin falling below $30,000 this year.”

It’s important to note, however, that Invesco only anticipates a 30% probability of this happening, and that this scenario is part of a series of forecasts that the manager has called “unlikely but possible”.

From a technical standpoint Invesco has judged that if bitcoin is unable to maintain the $40,000 support level, prices could fall to $34,000 or $37,000 over the next nine months in a first time.

Note that Bitcoin is currently very close to this key threshold of $40,000, just under $42,000 at the time of writing this article.

Invesco also underlined the unpredictability of Bitcoin recalling that:

“Last year we talked about bitcoin falling below $10,000, but instead it peaked around $68,000.”

In the meantime, Bitcoin’s chart profile remains distinctly bearish on the daily chart, as evidenced by a bearish trend line visible from the November 2021 high, as well as the 50-day moving average crossing below the 200-day moving average. (death cross) last week.

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