Bitcoin BTC/USD maybe in for a rude awakening.
In a Twitter post on Friday, pseudonymous cryptocurrency analyst credit said, that Bitcoin can crash failing to hold between $19,000 and $20,000. Otherwise, the cryptocurrency could fall into the $16,000 area, down about 15% from its current value.
At the time of writing, Bitcoin was trading at $20,157.94, down 10% over the past week.
Crypto Analyst Benjamin Cowen also hinted on Friday that it could be another six months before Bitcoin turns bullish again.
He added that crypto markets could see significant losses for both bears and bulls this year. Only then would “we go back up,” he tweeted.
In a YouTube video released the same day, Cowen said called that crypto markets could give up hundreds of billions of dollars in a correction similar to that seen after the dot-com crash.
“The dot-com crash from its peak occurred over two and a half years when the Nasdaq plummeted 83%. A similar decline from the peak of crypto markets would also bring the total market cap down to the $400-$500 billion range,” he said.
Read now: Analyst who predicted a crypto crash in May 2021 now says Bitcoin will rally to that price by 2024
Photo: Simple FX on flickr
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