Like most of the cryptocurrency market, Bitcoin endured a painful retracement in November, swiftly after recording new all-time highs. While Bitcoin is currently trading 17% down from its $68.7k all-time high, a notable investor believes it could get worse.
Famed growth investor, Louis Navellier, chairman and founder of Navellier & Associates, has opined that Bitcoin could be facing one of its biggest price crashes in history. According to Navellier, Bitcoin could be facing an 85% price drop – sending BTC’s 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 major correction among risk assets, a class to which Bitcoin belongs.
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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 struggled 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 to the $28.5k point would mark a serious red flag for investors. Should this possibility come to pass, Navellier believes that Bitcoin could make its way back to four-digit territory – a level last recorded in October 2020.
On the Flipside
- Crypto market analyst, Plan B, famous for his Bitcoin predictions, believes that Bitcoin will end the year trading at above $100k.
Why You Should Care
Both predictions are opinions expressed by industry experts, as Bitcoin could indeed go either way. Therefore, neither of the opinions expressed should be considered investment advice.