Louis Navellier, founder of Navellier & Amp, Associates, made a shocking prediction about Bitcoin.
Claiming that the tapering of the Central Bank’s bond-buying program could lead to disaster for Bitcoin, Navellier stated that there could be an 80% correction. This means that Bitcoin will go down to $10,000.
The leading cryptocurrency, which is trading about 17.5% below the record level at the time of writing, has not been able to overcome the $ 59,000 resistance level for a while.
While this is the case, Navellier stated that the picture could get worse and things could turn into a nightmare for Bitcoin.
The celebrity believes that if BTC continues to drop, it could create a frightening double top pattern.
Could Navellier Be Right?
Although this pessimistic prediction may seem exaggerated by many, it is not a utopian forecast for Bitcoin, as the flagship collapsed in December 2018, seeing a correction of 84.5%.
So, Navellier’s collapse prediction doesn’t seem so illogical when Bitcoin’s previous collapses are taken into account.
As a matter of fact, Navellier said that the fact that BTC sees $ 28,500 after a decline below $ 46,000 (200-day moving average) may pave the way for it to indicate below $ 10,000, and warned investors to take into account the possibility of Bitcoin’s collapse and invited everyone to be cautious.
Although BTC is much more mature in every sense compared to 2018, it would still make the most sense to take the worst-case scenario into account.