Cryptocurrency markets are struggling to recover, with few glimpses of green after Bitcoin drops below $20,000 again. BTC is trying to get back above $20k but is facing resistance which makes its price traded backwards.
Founder of HEX Richard Hart expect Exclusively for Watcher Guru In May 2022, Bitcoin will crash to $11,000. At the time of his prediction, BTC was trading at $29,915, and now four months later, it is at $19,000.
Read also: Bed Bath & Beyond CFO accused of ‘Pump & Dump’ inflating stock value
teacher monitor arrived with it To the crypto mogul again if he still believes BTC is heading towards $11,000. Hart doubled his prediction that Bitcoin will crash to $11,000 and retreat 85% from its all-time high of $69,044, which it reached in November 2021.
“Bitcoin will continue to drop to $11,000 as long as there is a grayscale discount on NAV. It is a normal Bitcoin price drop of 85%. The issuance of Mt GOX is more potential selling pressure,” he said. he said to teacher monitor.
According to the founder of Hex, Bitcoin dropping below $11,000 is not a question of “how” but rather a question of “when.” “I’ve been expecting this forever. Bitcoin usually drops 85% in a bear market” He said. Read here to learn more about Heart’s previous prediction in May 2022, that BTC is heading towards $11,000.
He also told Kitco News, “I think bitcoin is going to exploit about $10,000 from its high because that’s what it usually does. It drops 85%. Ethereum usually goes down 95% because it has less liquidity, so it acts like a leverage center on Bitcoin, to some extent.”
Surprisingly, Hart also predicted in 2021 that the Terra Luna would drop in value to $0. You can read more details about the forecast here.
ALSO READ: $100M Bitcoin Whale Unloading: BTC Struggling Below $20K
Bitcoin Prediction: The Rough Way Forward
Bitcoin has been in a correction phase this year, dropping from $36,000 to $19,000 in less than nine months. A quick recovery may not be imminent and the global economy is facing an uncontrollable inflation crisis. The cost of living is rising while wages are not catching up. The Federal Reserve will meet on September 14-15 to discuss another round of interest rate hikes.
Another rate hike could cause the markets to falter and Bitcoin could hit another low. Therefore, caution is advised during this period as the stock and cryptocurrency markets are in foggy waters.
Read also: Crypto is a meme, but it’s too powerful to be banned: US legislator
At press time, Bitcoin is trading at $19,776 and is down 0.4% in 24-hour trading. It has fallen about 15% in the last 14 trading days and is struggling to climb above the $20K mark.