Bitcoin could dive much further to hit $13,000 low, planner warns
Based on previous crypto air pockets, bitcoin could fall much further.
So says a planner, who warns that the world's largest cryptocurrency is likely to collapse as
as low as $13,000 – a drop of nearly 40% from current levels.
“We would sell these kinds of digital currencies anyway in this climate.
" Ian Harnett, prime supporter, and boss venture official of Absolute Strategy Research told CNBC's "Screech Box Europe" Tuesday.
"It truly is a liquidity play. We've found that it's neither cash nor a product and unquestionably not a store of significant worth."
Making sense of his negative call, Harnett said past crypto rallies show bitcoin will typically fall 80% from all-time highs. In 2018, for example
the digital currency plunged by nearly $3,000 after peaking near $20,000 in late 2017.
Such a drop in 2022 “would take you back to around $13,000,” a “key help region” for the token, according to Harnett. Bitcoin hit an all-time high of nearly $69,000 in free-for-all crypto in 2021.