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Bitcoin could plunge even further to a low of $13,000, one strategist warns
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In this article If crypto's past bubbles are anything to go by, bitcoin could be about to fall much further. That's according to one strategist, who warns the world's top cryptocurrency is likely to tank as low as $13,000 — an almost 40% drop from current levels. «We would still be selling these kinds of cryptocurrencies into this environment,» Ian Harnett, co-founder and chief investment officer of Absolute Strategy Research, told CNBC's «Squawk Box Europe» Tuesday. «It really is a liquidity play.
What we've found is it's neither a currency, nor a commodity and certainly not a store of value.» Explaining his bearish call, Harnett said past crypto rallies show bitcoin tends to fall roughly 80% from all-time highs.
Read more on cnbc.comAbout this in other media
Crypto Week at a Glance: Portfolios deep in red as Bitcoin plunges below $18,000 economictimes.indiatimes.com /6 days ago
Crypto Price Today: Bitcoin barely holds $20,000; Solana, Avalanche plunge up to 13% economictimes.indiatimes.com /1 week ago
Crypto firms are under pressure as bitcoin and ethereum fall further fnlondon.com /1 week ago
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