[Bitcoin Now] Conflicting Experts: "Not Worried" vs "Could Face Trouble"

Dropped to 33.9 Million Won the Previous Day... Approximately 59% Decline from All-Time High

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Gong Byung-sun] Bitcoin, the representative cryptocurrency that once fell to the 33 million KRW range, has rebounded to the 37 million KRW range, but experts have presented mixed forecasts. While some opinions suggest that the situation is different from the past and there is no need for concern, there are also predictions that cryptocurrency investors could potentially face difficulties.

According to the domestic cryptocurrency exchange Upbit, as of 9:05 AM on the 23rd, Bitcoin recorded 37.51 million KRW, down 0.72% compared to the previous day. It had dropped to 33.9 million KRW at 10:55 PM the previous day. This is the lowest price since January 29. It represents a 58.65% drop compared to the all-time high of 81.99 million KRW.

Experts’ forecasts were divided. On the 22nd (local time), Mike Novogratz, CEO of cryptocurrency investment firm Galaxy Digital, said in an interview with the US economic media CNBC, “The cryptocurrency regulations from China caused a bigger shock than expected,” but added, “Although it may shake in the short term, Bitcoin is optimistic in the long term.” He also said, “If the $30,000 (about 34 million KRW) level breaks, the next support level will be $25,000,” adding, “Although it is a lower price compared to the peak, it is not worrisome.” Earlier, on the 21st, the People’s Bank of China summoned major banks and payment company Alipay officials to demand the detection of cryptocurrency transactions, and financial institutions issued a statement promising to comply.

There was also a view that the market will strengthen, with only short-term investors giving up. According to CNBC on the 22nd, Meltem Demirors, Chief Strategy Officer (CSO) of cryptocurrency investment firm CoinShares, said, “The current decline is a process of shaking off ‘paper hands’ who sell whenever Bitcoin wavers a little,” and “Long-term investors are rather buying at low prices during this opportunity.” CNBC explained that in the cryptocurrency community, short-term investors are called ‘paper hands’ and long-term investors are called ‘diamond hands.’

However, some experts viewed the cryptocurrency market pessimistically. According to the US economic media Bloomberg on the 22nd, Sean Rooney, head of Valkyrie Investment Research, explained, “Considering the trend of a sharp drop from the peak, Bitcoin investors may face difficulties in the coming weeks.” Nick Mancini, a researcher at cryptocurrency analysis firm TradeTheChain, said, “The regulations from China have caused investors to have a negative outlook,” and “The market sentiment continues to worsen.”

This content was produced with the assistance of AI translation services.