Bitcoin Below $30,200 Could Lead to Another Drop to $20,000: VanEck's Gabor Gurbacs

Bitcoin Below $30,200 Could Lead to Further Drop to $20,000: VanEck's Gabor Gurbacs

Head of Digital Assets at VanEck, Gabor Gurbacs, took to Twitter to comment on the current Bitcoin price drop, as well as MicroStrategy’s bet on the leading cryptocurrency.

He has a bearish warning for BTC holders but everything depends on how Bitcoin will move from where it is.

“There could be some serious problems for $20,000”

Gurbacs tweeted a view that aligns with Bitcoin hater Peter Schiff’s that the gold bug was announced on Friday — if Bitcoin drops below $30,000, a quick crash is likely.

Gabor Gurbacs predicts the possibility of BTC dropping to the $20,000 mark if it breaks below $32,000 – he believes that the latter is an important one for BTC. Besides, this is the average price of the total 124,000 Bitcoins held by MicroStrategy currently.

So far, MSTR is down more than 31% year-to-date, so the company lost profits from BTC last year.

Overall, Gurbacs added, how BTC performs this weekend could determine what happens to the market on Monday.

Gurbacs also tweeted that there is a lot of liquid capital in the market today that financial institutions are looking to invest. Many of them didn’t get into BTC when it was trading at $10,000 and then missed the rally to all-time high $68,000. So, the chief crypto officer at VanEck assumes that they can jump on the Bitcoin train when the price drops. The reason is that central banks print a lot of cash, inflation is high and many investors do not trust bonds in the current market conditions.


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