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We continue to collect the opinions of well-known experts about the prospects of the first cryptocurrency.
The situation in the digital currency market is still unstable, events related to the collapse of the Terra ecosystem continue to develop. Against this background, well-known representatives of the crypto industry and financial regulators share assumptions about the further price movement of the first cryptocurrency. The editors of GetBlock Magazine have collected new negative forecasts about the prospects for bitcoin. Previously, we have already published the TOP-5 worst-case scenarios for BTC.
Reduction to $14,000
The founder of the Delta Blockchain Fund, Kavita Gupta, believes that the downward trend in the crypto market has just begun, and the fall in the rates of major digital currencies will continue over the next year and a half. The price of bitcoin at the same time, in her opinion, can drop to $ 14,000. According to Gupta, the correction in the market is similar to previous price movements after BTC reached historical highs.
She also stressed that the correction will provide a chance for wider adoption of bitcoin, which will serve as an incentive to reach new price heights. The more companies that include an asset on their balance sheets, the greater the chances of new highs.
The collapse of the rates of most digital assets
Chairman of the US Securities and Exchange Commission (SEC) Gary Gensler expressed the opinion that the “turmoil” in the digital asset market will not stop after the collapse of the Terra ecosystem as a result of the collapse of the TerraUSD (UST) stablecoin and the LUNA token that provides it. According to him, many more coins will “fail”, which will harm even more investors.
Gensler believes that crypto traders should be prepared for the fact that the value of other digital assets will fall to almost zero. He added that investors could lose their funds and their trust in the crypto industry would be undermined:
“I think a lot of those tokens are going to crash. I’m afraid a lot of people are going to get hurt.”
In addition, Gensler confirmed the SEC’s plans to organize strict control of crypto platforms. The regulator insists that all trading platforms be registered with the financial supervisory authorities. According to Gensler, in this way investors will receive maximum protection when working with cryptocurrencies.
Reducing the price of bitcoin to $ 9,000
On May 19, the investor and author of the bestseller “Rich Dad, Poor Dad” admitted that the price of bitcoin could drop to $ 20,000, $ 14,000 or even $ 9,000. At the same time, he still positively assesses the future of the first cryptocurrency in the long term. Earlier, Kiyosaki also noted that the collapse of the market is “the best time to get rich.”
The collapse of the bitcoin rate to $ 8,000
The investment director of Guggenheim Partners, Scott Minerd, said that the bitcoin rate could fall to $ 8,000. He explained this by raising interest rates and tightening the monetary policy of the US Federal Reserve System (FRS).
Minerd called most cryptocurrencies “garbage,” noting that only Bitcoin and Ethereum will survive in the long run. However, according to Minerd, the dominant player in the crypto industry is still uncertain. In his opinion, cryptocurrencies do not have a correct prototype. The expert said that the currency should store value, be a means of exchange and a unit of account, but there is nothing like this in the crypto industry, and digital assets have not come to a single basis.
Advantages of the bearish crypto market
Partner of cryptocurrency hedge fund Pantera Capital Paul Veradittakit believes that cryptocurrencies are at the beginning of a bear market. He noted that at this time, entrepreneurs should attract capital, and investors should invest in shares at a favorable price.
According to the expert, now it may seem that the stock market is connected with the cryptocurrency. However, he recalled that during the last bear market, it took 71 days to break their correlation, after which the rates of digital assets began to grow. Veradittakit also wrote that usually during a bull market, most transactions are related to digital assets, and during a bearish period, there is a demand for stock stocks. He explained this by a decrease in investor interest in risky assets.
The fall of the price of bitcoin to $ 3,000
Economist and founder of HS Dent Publishing Harry Dent allowed the price of bitcoin to fall below $ 3,000. At the same time, he believes that on the next rise of the crypto market, the cost of the first cryptocurrency can reach $ 500,000. Dent also expects widespread adoption of BTC as a digital currency standard in the long term.
By mAccording to Dent, Bitcoin could gain public acceptance and become the new digital standard for money. However, the economist believes that the asset has not yet reached such a level as to become socially accepted. Regarding the future for Bitcoin, he added:
“It’s going to be a crash, and I think bitcoin could fall to $3,000 or $7,000 and then reach the $500,000 to $1 million mark during the next global boom. [к 2037 году]. So it’s going to be a lifelong purchase, but I wouldn’t buy it even now.”
“Macroeconomic crisis”
The head of the analytical company CryptoQuant Ki Yang Ju said that in the worst scenario, the bitcoin rate will fall to $ 14,000. The analyst came to such conclusions after studying historical metrics. According to Ki Yang Joo, the fall in the price of BTC may occur due to the macroeconomic crisis. At the same time, he added that the bearish trend will bring guaranteed profits to investors.
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