Bitcoin continues to correct. Invesco Global analysts believe that the price is moving towards $30,000.
Invesco Global's Paul Jackson believes BTC could halve in value in 2022 if the "investor mania" subsides.
Jackson's comments are based on his listof ten “unlikely but possible forecasts for 2022.” Referring to the 1929 stock market crash, Jackson said the rise in the value of BTC had clear signs of what has been called a "financial mania." He wrote:
The aggressive marketing of cryptocurrency now is similar to the behavior of the Walt Street brokers that led to the stock market crash in 1929. We are closely monitoring the downward trajectory of the mania pattern. It assumes that the 45 percent loss occurs in the first year after the financial peak.
Continuing to speculate, Jackson added:
According to the model, the bubble will deflate slowly, over two years. We assume that Bitcoin will first fall to $30,000 during the current year and continue to fall in the next. But with the amendment that he had already experienced a series of similar bubbles.
Many market analysts are also confident in a further correction of Bitcoin. The JPMorgan report predicts BTC will fall below $30,000, but then rise to $60,000 by the end of the year.
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