In my opinion, it looks like the price of bitcoin has the potential to drop to the level of $30k because throughout the third week of February the price of bitcoin has returned to the level of $35k. In the current drop in bitcoin price, liquidations have been lower than expected. The current liquidation volume is much lower above the volume that accompanied the previous gains. This can be a very important indicator for the market to continue to experience price declines.
I still see the price dropping below $30k as difficult, as there are still many large institutions currently continuing to invest in bitcoin. Microstrategy, for example, they continue to invest in bitcoin when the market dips, and it will continue to make bitcoin still have good demand even though it is in a bearish state.
The bitcoin market is currently still in a correction trend where the bitcoin price is currently in the $39k price range. But it does not rule out the price of bitcoin will go back down to the level of $ 30k. Moreover, many experts predict that Bitcoin will enter the crypto winter this year. If there is a crypto winter, then the price of bitcoin will drop even deeper and potentially drop below $30k.