Trader Claims Bitcoin May Drop Much Lower

Alex Dovbnya

There’s a “respectable likelihood” that Bitcoin sees one other worth crash, a outstanding dealer says

Jake Wujastyk, VP at TrendSpider LLC, believes that the 2017-2019 month-to-month closes are an “inevitable space” for Bitcoin, the biggest cryptocurrency to check. 

Wujastyk provides that there’s a respectable likelihood that such a state of affairs may play out. 

After hitting $19,666, the height of the earlier bull run, Bitcoin closed December 2017 at $13,880. The largest cryptocurrency entered a brutal bear market shortly after reaching its peak. 

In 2019, Bitcoin skilled a big rally within the first half of 2022, reaching a yearly excessive of $13,880 in July 2019. The rally wasn’t sustainable, and the biggest cryptocurrency ended up closing that month at $10,760 earlier than plunging decrease within the following months. 

Earlier this month, Wujastyk noted that Bitcoin had shaped a bear flag sample. 

At press time, the biggest cryptocurrency is buying and selling at $16,561 on the Bitstamp change. The crypto king has now collapsed by greater than 76% from its report excessive of $69,044 that was logged final November.  

Last month, outstanding dealer Peter Brandt stated that there nonetheless was a chance that Bitcoin may find yourself crashing to zero

The spectacular implosion of the FTX change has delivered an immense blow to crypto’s status. 

In a recent opinion piece revealed by the Wall Street Journal, American businessman Andy Kessler argues that crypto’s closing worth might be zero.

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About the Author: Daniel