Bloomberg analysts are expecting $30,000

The stock markets worldwide have suffered greatly from the conflict between Russia and Ukraine, and cryptocurrency prices have also been weighed down in the meantime. Although the crypto market, and Bitcoin price in particular, has recovered over the past 24 hours, analysts at Bloomberg believe that a Bitcoin price of $30,000 is a likely scenario given the current market conditions. They justify this by saying that the price failed to sustainably establish itself above the previous support level in the $37,000 to $38,000 range. At the time of writing, however, BTC was back at just under $39,000.

So says expert John Roque of 22V Research according to Bloomberg:

In the world’s latest hurricane – US/Russia/Ukraine – Bitcoin, the asset that’s said to be the answer to everyone’s questions, has quietly weakened. He has performed significantly worse than his nemesis Gold.

This year, gold is more stable than bitcoin

Roque predicts that bitcoin price could fall below $30,000. This would be the lowest level since July last year. Traders increasingly favored gold, which could push the precious metal to an all-time high, the analyst said. Gold has always had a reputation as a safe haven investment that investors are drawn to, especially in turbulent times. Loud Holger Zschaepitza senior market analyst at world, the price of gold is currently quite stable. In 2022, gold has even gained half a percent.

Bitcoin’s inability to sustain the $40,000 level amid rising tensions in Ukraine means a $30,000 price level is becoming more likely […] geopolitics has replaced inflation as the main driver of both traditional and crypto markets for now.

is the assessment of Antoni Trenchev, co-founder of Nexo, according to media reports. However, according to some experts, the subsequent price changes could also mean that Bitcoin will start a new bullish cycle when it reaches the $30,000 mark. It remains to be seen whether this recovery has perhaps already begun.