The last time we saw Bitcoin’s value at less than $10k was around July of last year when the value of the asset was trading far below its current value. Since then, the value of the asset has enjoyed massive adoption and growth that has pushed its price to its current ATH of above $68k.
Bitcoin Could Crash to $10k
However, one top money manager, Louis Navellier, recently made a shocking price prediction that is sending some shock waves down the spine of many crypto enthusiasts and the community at large. According to him, the value of the flagship digital asset could crash to as low as $10k, if a certain situation were to happen.
Per Navellier, Bitcoin could see an 80% downward trend if the flagship crypto-asset forms a scary double-top pattern; it would send the asset price lower to hit below the $28k mark, and at that time, it would be signaling the end for bulls. Peradventure the double-top pattern surfaces, this would mean that Bitcoin would be journeying into zones last visited over a year ago.
I would take a decline below $46,000 (the 200-day moving average) to be a yellow flag and a decline below the spring low of $28,500 to be a completed massive double top which points to a decline to below $10,000, which incidentally would match many of the multiple 80%+ declines in its storied history.
Bitcoin Once Crashed by Over 80% in 2018
Although this prediction looks ridiculous for the crypto king, it is not an entirely new phenomenon as the asset once experienced a price correction of about 84% when its value crashed from a high of $20000 in December 2018.
Louis Navellier is the Founder and Chairman of a $2.5 billion asset management firm, Navellier $ Associates, in Reno, Nevada. He gives market analysis on leading media houses like Bloomberg, CNBC, and Fox News.
He also believes that the U.S Federal Reserve’s bond purchase could provide the biggest boost for Bitcoin.
The Fed is tapering, and this should create a correction in risk assets, of which bitcoin is a part. The more the Fed tapers, the more volatility we should see in both stocks and bonds — and yes, bitcoin, too.
At the time of writing, Bitcoin is down by 0.7% in the last 24hours.
This article was originally posted on FX Empire
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