Bitcoin Could Crash Below $10,000 With New Pattern Developing — DailyCoin
Like most of the cryptocurrency market, Bitcoin endured a painful retracement in November after recording new all-time highs. While Bitcoin currently trades 17% down from its $68.7k all-time high, an investor believes it could get worse.
Famed growth investor, Louis Navellier, the chairman and founder of Navellier & Associates, has opined that Bitcoin could be facing one of the biggest price crashes in history. According to Navellier, Bitcoin could be facing an 85% price drop — sending BTC 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 a major correction in risk assets, a class of 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 struggle 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 down to the $28.5k mark would be a major red flag for investors. However, if that happens, Navellier believes Bitcoin could be well on its way back to the four-digit territory — a level last recorded in October 2020.