Société Générale is one of Europe’s main financial companies. The company also maintains relations outside of Europe. Société Générale (SocGen), which attracts attention in the market with its gold reports, made statements about the latest collapse in the crypto markets. Société Générale, headquartered in Paris, is one of the oldest banks in France.
Bitcoin can crash
According to the giant financial institution Société Générale, a weakness for Bitcoin (BTC) to maintain the $ 32,000 levels strengthens the possibility that the leading cryptocurrency could fall to the levels of $ 28700 to $ 27700. BTC/USD extended the retracement phase after abandoning the 200-day moving average at the end of December. According to Société Générale economists, a break below the $32,000 level would open the way to 2021 lows (around $28,700 to $27,700).
According to SocGen analysts, the $43,500 levels must be surpassed for an extended upward move. The views of the analysts of the famous financial giant on the subject are as follows:
At the same time, there is a risk of a continuation of the downward move towards the next projections at $32,000, the lower band of a steep channel. Testing this level could result in a bounce, but the $43,500 upper limit needs to be crossed for a longer upward move. Failure to defend $32,000 means the downtrend may continue towards the $28,700/$27,700 chart levels formed from last year’s lows. This can be a very important support zone.