Bitcoin Could Crash Below $10,000 With New Pattern Developing
Like most of the cryptocurrency market, Bitcoin endured a painful retracement in November, swiftly after recording new all-time highs. While Bitcoin is currently trading 17% down from its $68.7k all-time high, a notable investor believes it could get worse.
Famed growth investor, Louis Navellier, chairman and founder of Navellier & Associates, has opined that Bitcoin could be facing one of its biggest price crashes in history. According to Navellier, Bitcoin could be facing an 85% price drop – sending BTC’s price under $10,000.
The Inevitable Bitcoin Crash?
Louis Navellier explained that, as the U.S. Federal Reserve tapers its bond purchase program, there could be major correction among risk assets, a class to which Bitcoin belongs.
According to Navellier, “the more the Fed tapers, the more volatility we should see in both stocks and bonds — and yes, bitcoin, too.”
Bitcoin has continually struggled to break the $59,000 resistance level. Navellier believes if the price of Bitcoin continues to decline as the Fed tapers its bond purchase program, BTC could form a scary double-top pattern.
He added that the price of BTC sliding to the $28.5k point would mark a serious red flag for investors. Should this possibility come to pass, Navellier believes that Bitcoin could make its way back to four-digit territory – a level last recorded in October 2020.
On the Flipside
- Crypto market analyst, Plan B, famous for his Bitcoin predictions, believes that Bitcoin will end the year trading at above $100k.
Why You Should Care
Both predictions are opinions expressed by industry experts, as Bitcoin could indeed go either way. Therefore, neither of the opinions expressed should be considered investment advice.
Read more: https://dailycoin.com/bitcoin-could-crash-below-10000-with-new-pattern-developing/
Text source: DailyCoin.com
