[Bitcoin Now] Rebounds to 36 Million Won Range... Experts Say "Will Fall Further" vs "Will Recover"

Observations Suggest Price Could Drop to Around 25 Million Won
Some Say Uptrend Begins if $34,500 Surpassed
EU Moves to Ban Cryptocurrency Anonymity

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin rebounded to the 36 million KRW range. Experts have offered mixed predictions on Bitcoin's direction, with some expecting further declines and others anticipating a shift to an upward trend.

According to the domestic cryptocurrency exchange Upbit, as of 1:58 PM on the 21st, Bitcoin recorded 36.17 million KRW, up 2.46% from the previous day. It had fallen to 34.82 million KRW at 7:01 PM the previous day but then rebounded.

Experts' opinions on Bitcoin's price movement diverged. On the 20th (local time), Delano Saporu, CEO of the overseas investment firm New Street Advisors Group, said in an interview with the US economic media CNBC, "Bitcoin will fall to between $17,000 and $22,000 (approximately 25.32 million KRW)" and added, "It could rebound from that point." He also claimed, "Those who started investing when Bitcoin prices were high were short-term profit seekers," and "They made the wrong decision at that time."

On the other hand, Katie Stockton, founder of investment data analysis firm Fairlead Strategies, explained in the same interview, "Investors may feel more pressure for a while, but prices below $30,000 indicate that the correction is nearing its end," and "The recent fluctuations are part of creating a mature market." She noted that when short-term investors give up on Bitcoin investments, Bitcoin tends to recover faster. However, she added, "To prove that this correction is ending, momentum reversal must be shown," and argued, "If Bitcoin surpasses its 50-day moving average of about $34,500, a rebound will be possible." The moving average refers to a line created by calculating the arithmetic average of stock prices over a certain period and connecting them sequentially.

Meanwhile, the European Union (EU) has begun moving to block the anonymity, a core value of cryptocurrencies. According to major foreign media on the 20th, the EU plans to announce an anti-money laundering proposal requiring cryptocurrency service companies to collect the identity information of cryptocurrency recipients, such as names, addresses, and account numbers, to prevent anonymity. The proposal also includes expanding the existing anti-money laundering law, which applied only to financial services, to cover all cryptocurrencies and banning anonymous cryptocurrency services and anonymous accounts.

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