bitcoin It was last trading below $10,000 around July of last year. Since then, we have seen the digital asset achieve a new ATH of $68k. Bitcoin has experienced massive adoption and growth to reach this ATH.
Bitcoin could drop to $10,000
However, a senior money manager Louis Navellier, recently made a shocking price prediction that frightened many crypto enthusiasts. According to him, if a certain circumstance occurs, the value of the flagship digital asset could drop to as low as $10,000.
According to Navellier, the flagship crypto asset is a scary one. double peak model If it does, Bitcoin could see an 80% downtrend. Double top is one of the most popular patterns in technical analysis. In its simplest form, it creates a pattern like the one below and the pattern indicates bearish.
Navellier also thinks that such a decline may occur:
“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. That would indicate a drop below $10,000.”
Bitcoin Dropped Over 80% Only Once in 2018
While this prediction may seem ludicrous to the crypto kingpin, it is not a completely new phenomenon as the asset once experienced a price correction of around 84% when its value dropped from $20,000 in December 2018.
Louis Navellieris the Founder and President of Navellier Associates, a $2.5 billion asset management company. He does market analysis for leading media outlets such as Bloomberg, CNBC and Fox News.
In addition to these, the famous name is the bond purchase of the US Federal Reserve. bitcoin believes that it can provide the greatest support for
“FED reducing asset purchases this year. High-risk assets, of which Bitcoin is a part, could experience significant corrections in this scenario. FED the weaker they are, the more volatility we will witness in both stocks and bonds. Yeah, bitcoinIt seems inevitable that Turkey will also get its share from this”. At the time of writing, Bitcoin is down 0.7% in the last 24 hours.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.