Bitcoin price is trading near $57,000 and has fluctuated in the $50,000-60,000 range over the past weeks. While the general market does not expect a serious drop in the leading cryptocurrency, one investor’s comments came as a shock. Further in the article, cryptocoin.com As Navellier & Associates founder, we will be sharing the comments of Louis Navellier…
80 percent drop prediction for Bitcoin price from Navellier
Louis Navellier, who was a guest of a Business Insider interview, shared his predictions about the Bitcoin price. According to Navellier, BTC is currently over-blown and could see a correction. According to the expert name, Bitcoin can fall to $ 10,000. This represents an 80 percent drop from average current levels. This prediction scared many investors in the market.
So, what does Navellier believe is the factor that will lower the BTC price? The head of Navellier & Associates, which manages nearly $2.5 billion in assets, draws attention to the change in the US Federal Reserve’s bond-buying reduction program, emphasizing that the Fed’s step back should bring about a correction in risk assets. According to the expert name, the weaker the Fed; so much volatility is seen in stocks, bonds and Bitcoin. Navellier details his forecast on BTC as follows:
A drop below the 200-day moving average of $46,000 should be defined as a yellow flag. A drop below the spring low of $28,500 would create a major double top pattern. This would indicate a decline below $10,000.
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