Market Strategist Warns Bitcoin Meltdown to $40,000 Incoming, Says People Are ‘Tired’ of the Crypto Trade
Courtesy by:
Rhodilee Jean Dolor
$H
The chief equity strategist of Zacks Investment Research says the worst is yet to come as the price of Bitcoin (BTC) falls below $74,000.
In a new interview on CNBC, John Blank says the price of the flagship crypto asset may still plummet to around half of its current value.
“Generally speaking, a Bitcoin winner is 12 to 18 months long and these are well understood technical features so at $76,000 from $125,000, which was the peak, we can get to $40,000.”
He also shares his forecast when Bitcoin could plunge to $40,000.
“When does the force selling and liquidations happen to take us to $40,000? We can get there very quickly or more likely we’re going to get there over the next 6 to 8 months.”
$DASH Blank says that people are getting tired of the crypto trade even with attempts to create demand through crypto exchange-traded funds (ETFs) and stablecoins. He says the trading platform Robinhood is doing better than the crypto exchange Coinbase.
$BNB “The other problem here is how long is that game played? You know, that play gets played for years and there’s also a generational issue. People [are] tired of this whole trade. Tired of it because COVID’s over, tired of it because there’s other screen-based things to do.”
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