Cryptocurrencies were in full swing Thursday.
Bitcoin, ether and litecoin all tumbled as investors tried more risky assets in favor of safe havens like bonds.
Craig Johnson, market voice technician at Piper Sandler, looks at the cards closely, which way bitcoin can break next time.
“We broke out in January. A few months ago we made this high. I would actually go back and put retracement levels on top of bitcoin, and when you look at it, you can see that about 33,000 to 34,000 is a very important retracement. level, “Johnson told CNBC̵
Bitcoin has jumped between $ 31,500 and $ 34,800 in about two weeks. Johnson says bitcoin based on its history is unlikely to fall much further. However, he sees a longer period of consolidation.
“You’ve already seen bitcoin correct about 45%. When you go back to the last two previous cycles, those cryptocurrencies lasted about 1,000 days,” he said. “You need to be prepared to put the hatches down and wait a bit for this to consolidate for some time longer before starting the next big bigger leg higher.”
Blue Line Capital President Bill Baruch holds bitcoin and is waiting for the next opportunity to add to his position.
“Give me $ 25,000 on bitcoin and I will buy more,” Baruch said in the same segment.
“I’ve been in space since 2017. There are times where I am there, there are times when I am not, I went all the way through early this year,” he said.
Baruch said he bought back in bitcoin when it reached $ 32,500. He also has the cryptocurrencies ether and solana.
Bitcoin last traded at $ 32,870. It would be necessary to drop 24% to reach Baruch’s buy target.